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Ethereum price analysis: ETH/USD retraces back after testing $1074 support yesterday

Ethereum Price analysis 2022 11 04

TL;DR Breakdown

  • Ethereum price analysis is bullish today
  • ETH/USD retraced up to $1183 today
  • Ethereum now seems to be entering a range after correction
  • This may not be a good time to invest for short-term gains

In line with the remaining market, Ethereum price analysis is bullish today. ETH/USD touched a support line of $1074 yesterday and since then, it retraced up to $1183 today. The market has been quite volatile in the last 24 hours.

Crypto heat map
Cryptocurrency heat map by Coin360

The crypto heat map shows us the overall increase in the market cap of each coin. We can see that Ethereum increased by 3.82 percent. At the same time, Bitcoin went up by 2.25 percent. The same sentiment is apparent in other coins like Dogecoin and Litecoin.

1-day Ethereum price analysis
Ethereum Price Chart by TradingView

The daily Ethereum price analysis gives us a complete picture of the market’s sentiment. We can see that Ethereum touched a support line yesterday, after which the momentum totally shifted toward the positive side. The support line is now confirmed, given the fact that it has been tested twice already.

The RSI is currently at 40, suggesting that the market is quite balanced. We can also see the histograms on the MACD decreasing in negative intensity, suggesting that the market is moving toward recovery. However, let’s not become too over-enthusiastic about it, because the bear market is not yet over, and these rallies can be short-lived.

24-hour Ethereum price movement

Ethereum reached a 24-hour high of $1183 today. At the same time, its 24-hour low was set at $1127. The market cap of Ethereum has gone up by 3.69 percent, whereas the 24-hour volume is at 9.38 percent. So, the overall 24-hour volume to market cap ratio is at 0.0769.

4-hour Ethereum price analysis: Is there room for further upside?

4-hour Ethereum price analysis
Ethereum Price Chart by TradingView

From what it looks, Ethereum might be getting ready to enter into another range. The RSI on the 4-hour Ethereum price analysis is at 53.55. Furthermore, the MACD indicator is also showing consolidation. So there seems to be less room for further upside.

However, considering the fact that the crypto market has always been uncertain, it is quite possible for Ethereum to continue its rally upwards before touching the resistance line.

Ethereum price analysis: Conclusion

Ethereum price analysis has been bullish in the last 24 hours. However, the short rally seems to be over. After dipping significantly in the last couple of days, Ethereum price analysis has now corrected itself. So ETH/USD can be expected to move in a range again over the next 24 hours. While Ethereum’s market determines its course, consider reading our price predictions for VeChain and Axie Infinity.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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