Ethereum price analysis is bearish today as we have seen a strong rally over the last 24 hours without no signs of reversal. Therefore, we expect ETH/USD is ready to continue higher and look to test the $1,350 resistance.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.14 percent, while Ethereum gained 3.4 percent. Meanwhile, the rest of the market has rallied even further.
Ethereum price movement in the last 24 hours: Ethereum continued higher
ETH/USD traded in a range of $1,283.16 to $1,334.64, indicating substantial volatility over the last 24 hours. Trading volume has increased by 71.67 percent, totaling $10.3 billion, while the total market cap trade is around $162.66 billion, resulting in market dominance of 17.4 percent.
ETH/USD 4-hour chart: ETH looks to break $1,350?
On the 4-hour chart, we can see strong bullish momentum throughout the day, likely leading to another test of the $1,350 resistance.
Ethereum price action traded with strong selling pressure last week as a new swing low was reached at $1,200. From there, ETH/USD has reacted higher back above previous resistance levels.
At the end of the last week, ETH rallied as high as the $1,350 resistance, where a strong lower swing high was set for now. Not much upside continued, leading toward further downside over the weekend.
Ethereum price found support at $1,275 this time, indicating that another move higher will follow over the next days. However, if further break higher does not follow, we expect retrace to begin and further selling to continue over the rest of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen strong advance over the last 24 hours with no signs of a slowdown. Therefore, we expect ETH/USD to continue even higher later today and look to break past the $1,350 resistance.