logo

Ethereum price analysis: ETH swiftly bounces from $1,300, further upside overnight?

Ethereum Price analysis 2022 10 09

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD saw further retrace overnight.
  • Bullish momentum returned over the past hours.

Ethereum price analysis is bullish today, as we have seen another quick drop and a quick reaction higher over the past hours. Therefore, ETH/USD is ready to reverse and look to rally further.

Ethereum price analysis: ETH swiftly bounces from $1,300, further upside overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.11 percent, while Ethereum 0.11 percent. Meanwhile, the rest of the market moved with similar slightly bullish results.

Ethereum price movement in the last 24 hours: Ethereum fails to reach $1,300

ETH/USD traded in a range of $1,307.07 to $1,329.07, indicating mild volatility over the last 24 hours. Trading volume has declined by 17.74 percent, totaling $5.53 billion, while the total market cap traded around $162.7 billion, resulting in market dominance of 17.23 percent.

ETH/USD 4-hour chart: ETH looks to rally further?

On the 4-hour chart, we can see buying pressure moving Ethereum price higher, likely as another lower local high will be set around $1,350.

Ethereum price analysis: ETH swiftly bounces from $1,300, further upside overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded within consolidation from $1,250 to $1,400 over the past weeks as the market was indecisive on where to move next. However, when considering the massive decline during the middle of September, we still expect reversal to the upside to follow.

First, ETH/USD needs to clearly break the $1,400 major resistance, as it is the current several-week high that would confirm bullish trend. Second, ETH needs to set a strong higher high around the current price area as a base from which to attempt the breakout.

Likely Ethereum price has found support at $1,300. If we can see strong bullish momentum overnight, further higher high should be attempted later next week. In case further upside does not follow, decline will be seen over the next days, likely to set a deeper higher low.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen failure to breach $1,300 and a quick reaction higher. Therefore, selling pressure should be exhausted again, opening the way for ETH/USD to retrace even further.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

[the_ad_placement id=”writers”]

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Coinbase users to convert USDT to USDC for free
Toon Finance NFT and 5 Others That Must Be On Your List in 2023
Solana price analysis: Price approaches $13.87 as bulls reestablish the lead
Why is AXS going up? Axie Infinity's new price outlook
Cardano price analysis: ADA/USD trades above $0.3145

Follow Us

Industry News

Coinbase users to convert USDT to USDC for free
Ethereum developers are to release Staked Ether in March 2023
Hong Kong classifies exchanges under a new framework
Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th

Add Your Heading Text Here