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Ethereum price analysis: ETH slowly forms consolidation above $1,250, move higher next?

Ethereum Price analysis 2022 11 12

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD continued sideways overnight.
  • Support at $1,250 still strong.

Ethereum price analysis is bullish today as we have seen consolidation after the $1,250 support prevented further downside earlier. Likely ETH/USD has set a higher local low and is now ready to push even higher.

Ethereum price analysis: ETH slowly forms consolidation above $1,250, move higher next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, has declined by 3.16 percent, while Ethereum has lost almost 2 percent. Meanwhile, the rest of the market has seen further selling.

Ethereum price movement in the last 24 hours: Ethereum established strong reversal base

ETH/USD traded in a range of $1,211.33 to $1,289.42, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24.89 percent, totaling $17.14 billion, while the total market cap traded around $154.5 billion, resulting in dominance of 18.23 percent.

ETH/USD 4-hour chart: ETH prepares to continue higher?

On the 4-hour chart, we can see a narrow consolidation range over the past hours, likely as bulls prepare to push ETH above $1,350.

Ethereum price analysis: ETH forms consolidation above $1,250, move higher next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen steady decline over the week after a new swing high was set at $1,650. From there, ETH/USD rapidly broke past previous support levels until the $1,100 mark was reached.

Slight reaction higher followed on Thursday, leading towards the $1,350 resistance. From there, ETH formed consolidation around $1,250, indicating that further recovery should soon follow as higher local low is set.

The next target for Ethereum price action is the $1,400 resistance. Once it is reached, we expect ETH/USD to continue recovering the loss seen this week and look to set further higher local lows.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen sideways movement above $1,250 support over the last 24 hours. Therefore, ETH/USD should soon continue even higher and look to recover even further, with the $1,400 resistance as the next target.

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

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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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