logo

Ethereum price analysis: ETH swiftly bounces at $1.100, massive retrace incoming?

Ethereum Price analysis 2022 11 10

TL;DR Breakdown

  • Ethereum price analysis bullish today.
  • ETH/USD reacted at $1,100 overnight.
  • Buying pressure seen return over the past hours.

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.

Ethereum price analysis: ETH swiftly bounces at $1.100, massive retrace incoming? 1
Cryptocurrency heat map. Source: Coin360

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.

Ethereum price movement in the last 24 hours: Ethereum bottoms out

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 analysis: ETH Bounces at $1.100, massive retrace incoming?
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.

[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

UK regulator targets FTX-linked charity
Binance blocks several accounts tied to Bitzlato’s investigation
Frontrunners and MEV Explained: How to Beat the Bots
Understanding Crypto Faucets: How to Use Them?
Mining Bitcoin just got a lot harder—see why

Follow Us

Industry News

UK regulator targets FTX-linked charity
Mining Bitcoin just got a lot harder—see why
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
Read why Floki Inu supply is set to decrease by 4.2 trillion FLOKI tokens

Add Your Heading Text Here