Ethereum price analysis is bullish today as we have seen a strong reaction at the $1,100 support and buying pressure return since. Therefore, ETH/USD should see a retrace over the next days and move back toward previous consolidation levels.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 5.57 percent, while Ethereum almost 1 percent. Meanwhile, the rest of the market has traded with even more substantial selling pressure.
ETH/USD traded in a range of $1,083.29 to $1,234.51, indicating extreme volatility over the last 24 hours. Trading volume has declined by 30.19 percent, totaling $33.82 billion, while the total market cap traded around $148 billion, resulting in market dominance of 17.65 percent.
ETH/USD 4-hour chart: ETH ready to rally?
On the 4-hour chart, we can see bullish momentum returning over the past hours, likely leading ETH to retrace over the rest of the week.
Ethereum price action has seen strong swing high set last week after new resistance was found around $1,650 resistance. Further upside could not be reached, forming a slow rounded reversal formation.
On Monday, ETH/USD spiked below $1,500 support, leading to a rapid decline over the past days. Some support was initially found at $1,250, however, recovery did not follow, leading to another push lower yesterday.
This time, Ethereum found support at $1,100, where a reaction higher was seen immediately overnight. Since then, ETH/USD has attempted to break above the $1,200 resistance, which when done, should open up the way for a lot more upside later in the month.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish as we have seen a strong reaction at the $1,100 support overnight after several days of decline. Likely ETH/USD will look to move back above $1,200 over the rest of the day and much higher later in the week, with the $1,500 mark likely being the target.