Ethereum price analysis is bullish today as we have seen a strong higher low set at $1,680 and a clear push above the previous high. Therefore, we expect ETH/USD to continue even higher and target the $1,900 resistance next.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.7 percent, while Ethereum gained 8.94 percent. Meanwhile, the rest of the top altcoins traded with similar results.
Ethereum price movement in the last 24 hours: Ethereum sets a strong higher low and continues higher
ETH/USD traded in a range of $1,665.09 to $1,845.38, indicating substantial volatility over the last 24 hours. Trading volume has increased by 22.58 percent, totaling $21.38 billion, while the total market cap trades around $224.5 billion, resulting in a dominance of 19.69 percent.
ETH/USD 4-hour chart: ETH targets $1,900 next?
On the 4-hour chart, we can see the Ethereum price swiftly moving higher after a clean break of the previous high, indicating that further upside should follow by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong bullish momentum over the past days as the previous major swing high was briefly broken on Monday. However, further upside did not follow immediately as buyers were exhausted.
From there, ETH/USD moved into consolidation before swiftly retracing to set a higher low at $1,680. After another short consolidation late yesterday, ETH started to advance today, quickly reaching the previous high once more rapidly.
This time, Ethereum price managed to break higher and reach the $1,850 mark. As no signs of weakness are yet seen, we expect further upside to follow by the end of the day, which will further create a very strong bullish market structure.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish as we have seen a strong push higher and a new higher high set over the past hours. As there are still no signs of reversal, we expect ETH/USD to push towards the $1,900next major resistance.