Ethereum price analysis is bullish today as we have seen failure to decline further and another local high low set over the past hours. Therefore, we expect ETH/USD to continue higher next week and look to return above $1,500 local resistance soon.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.65 percent, while Ethereum 0.9 percent. Meanwhile, Ripple (XRP) was the top performer from the top altcoins, with over 7 percent gain.
Ethereum price movement in the last 24 hours: Ethereum continued to reverse
ETH/USD traded in a range of $1,422.34 to $1,473.06, indicating substantial volatility over the last 24 hours. Trading volume has declined by 27.33 percent, totaling $10.29 billion, while the total market cap trades around $176 billion, resulting in market dominance of 18.18 percent.
ETH/USD 4-hour chart: ETH targets $1,500 next?
On the 4-hour chart, we can see another quick higher local low set over the past hours, likely leading to another push higher overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong decline over the past week. After ETH/USD peaked below $1,800 last weekend, the first spike lower took the market to the $1,550 support.
From there, ETH reacted higher and retested $1,650 as resistance. However, no further recovery followed, leading bears to take over the momentum again. This time, selling continued past $1,500 next support until the $1,400 mark.
Since then, Ethereum price has retested previous support twice and set slightly higher lows. Likely ETH/USD is now ready to retrace even further, with the first target being the $1,550 previous support that now should act as a resistance.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen higher low set at $1,420 and a slight reaction higher since then. Therefore, ETH/USD should soon be ready to rally higher again and look to retrace some of the loss seen earlier this week.