Ethereum price analysis is bullish today as we expect more upside to continue after a strong break above $1,760. Therefore, we expect a quick retrace to retest the broken resistance as support before more upside follows later in the week.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.47 percent, while Ethereum over 5.73 percent. Meanwhile, the rest of the top altcoins have performed with similar results.
Ethereum price movement in the last 24 hours: Ethereum breaks previous swing high
ETH/USD traded between $1,693.51 to $1,806.89, indicating strong volatility over the last 24 hours. Trading volume has increased by 37.41 percent, totaling $14.83 billion, while the total market cap trades around $219.73 billion, resulting in a dominance of 19.27 percent.
ETH/USD 4-hour chart: ETH looks to retest the downside
On the 4-hour chart, the Ethereum price shows slight rejection for further upside as a retracement is likely needed before further upside can be reached.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has started to recover from the retracement seen last week. From there, a higher local low was set on Thursday, eventually pushing higher.
Previously set local resistance at $1,680 was quickly broken, eventually leading back to a major swing high at $1,760. From there, ETH/USD reacted lower and retested previous resistance as support.
Further push higher continued overnight to today, quickly reaching the previous high at $1,760. Much resistance did not follow as Ethereum price spiked to $1,820, setting a clear higher high. Since then, ETH/USD has lost momentum, indicating that retrace will follow.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong spike higher end around the $1,800 mark. Likely bullish momentum is exhausted as of now, leading ETH/USD to retest previous resistance at $1,760 as support.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.