Ethereum price analysis is bullish today as we have seen strong retrace and clear signs of support at the $1,540 mark. Therefore, another higher low is set and ETH/USD is likely ready to continue even higher over the next days.
The market has traded in the red over the last 24 hours with Bitcoin losing 2.73 percent. Meanwhile, Ethereum declined by 2.75 percent, with most of the market moving even lower.
Ethereum price movement in the last 24 hours: Ethereum sets a higher low
ETH/USD traded in a range of $1,550.42 to $1,617.18, indicating substantial volatility over the last 24 hours. Trading volume has increased by 52.72 percent, totaling $15.15 billion, while the total market cap traded around $193.37 billion, resulting in market dominance of 18.79 percent.
ETH/USD 4-hour chart: ETH prepares to continue higher?
On the 4-hour chart, we can see bullish momentum returning over the past hours, likely leading ETH to reverse overnight and continue testing further upside.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with declining bullish momentum last week as only slightly higher local highs could be set. After the previous retrace, ETH/USD set only a slightly higher low, indicating that the overall several week advance has likely ended.
From there, ETH moved back to the $1,650 resistance, which briefly was broken, setting a slightly higher high. Since then, selling has continued, slowly creating another higher low above $1,540.
Over the past hours, Ethereum has already begun to test the $1,600 resistance. Likely ETH/USD will break back above it overnight, opening the way for a lot more upside over the rest of the week, with the next major resistance target at $1,720.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen reaction at $1,540 after a strong retrace over the weekend. Likely ETH/USD has already set a higher low and is now ready to continue even higher over the next few days.