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Ethereum price analysis: ETH swiftly returns above $1,350, reversal overnight?

Ethereum price analysis is bearish today as we have seen a substantial rally back towards previous resistance around $1,350. Therefore, reversal should soon follow, leading ETH/USD back towards the previous consolidation area later in the week.

Cryptocurrency heat map. Source: Coin360

The market has traded with strong bullish momentum over the last 24 hours. The leader, Bitcoin, gained 4.51 percent, while Ethereum gained 3.81 percent. Meanwhile, Ripple (XRP) gained just over 6 percent and was the day’s top performer.

Ethereum price movement in the last 24 hours: Ethereum continued to rally

ETH/USD traded in a range of $1,313.10 to $1,356.80, indicating substantial volatility over the last 24 hours. Trading volume has increased by 11.98 percent, totaling $10.32 billion, while the total market cap traded around $166.4 billion, resulting in market dominance of 17.3 percent.

ETH/USD 4-hour chart: ETH looks to pivot soon?

On the 4-hour chart, we can see Ethereum price fully regaining its previous loss, indicating that another high is set and selling pressure will return soon. 

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen further trading sideways over the past week. After the last retest of the upside, lower high was set at $1,350, where rejection lower followed immediately.

From there, ETH/USD slowly declined during the first days of October, with a slightly higher low set at $1,262 overnight to yesterday. However, a break lower could not be made, reversing the market once again.

As a result, Ethereum price rallied back to its previous high at the $1,350 resistance, indicating that further consolidation can be expected later this month. ETH/USD has already seen some rejection for further upside, indicating that another drop lower can be expected over the next few days.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a strong recovery back towards previous resistance at $1,350. Therefore, buying pressure should soon stop, leading ETH/USD towards another wave lower over the next days.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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