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Ethereum price analysis: ETH retraces to $1,560, moves to retest resistance

Ethereum Price analysis 2022 10 31

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD has set a clear higher low overnight.
  • Buying pressure seen throughout the day.

Ethereum price analysis is bullish today as we expect another retest of the previous resistance later today. If the $1,650 mark holds, ETH/USD will likely reverse and look to decline further.

Ethereum price analysis: ETH retraces to $1,560, moves to retest resistance 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, has lost 0.13 percent, while Ethereum gained 1 percent. Meanwhile, Binance Coin (BNB) was the top performer from the majors, with almost a 6 percent gain.

Ethereum price movement in the last 24 hours: Ethereum sets a higher low once more

ETH/USD traded in a range of $1,567.57 to $1,630.45, indicating mild volatility over the last 24 hours. Trading volume has declined by 12.47 percent, totaling $15.37 billion, while the total market cap traded around $198.73 billion, resulting in market dominance of 19.32 percent..

ETH/USD 4-hour chart: ETH advances again

On the 4-hour chart, we can see bullish momentum strong over the past hours, likely leading back to the $1,650 resistance later in the day.

Ethereum price analysis: ETH retraces to $1,560, moves to retest resistance
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong advance last week. After the first wave higher at $1,600, ETH/USD quickly retraced to $1,500 support, where a strong higher local low was set.

As a result, ETH continued even higher and moved to rally even higher to the $1,650 resistance. Since then, selling has returned, setting another higher local low, which should lead toward further upside soon.

Right now, Ethereum price has started to push higher again. If the momentum continues, we expect ETH/USD to retest the $1,650 resistance over the next hours, with a good potential for double top reversal to be formed overnight.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a strong higher low set and buying pressure return since. Therefore, ETH/USD is ready to continue higher and move to retest the current swing high.

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

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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.

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