Ethereum price analysis is bullish today as we have seen a quick reaction lower and support found at $1,330, where a slight reaction higher was seen over the last hours. Therefore, ETH/USD is ready to continue even higher and look to break past the $1,400 resistance over the weekend.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.5 percent, while Ethereum lost 2.15 percent. Meanwhile, the rest of the market saw a similar slight decline lower.
Ethereum price movement in the last 24 hours: Ethereum retrace back below $1,350
ETH/USD traded in a range of $1,329.02 to $1,367.72, indicating substantial volatility over the last 24 hours. Trading volume has declined by 15.05 percent, totalling $10.54 billion, while the total market cap traded around $163.97 billion, resulting in market dominance of 17.31 percent.
ETH/USD 4-hour chart: ETH ready to rally again?
On the 4-hour chart, we can e a slightly higher local low set and failure to move any lower over the past hours, indicating that reversal and strong push higher should follow over the weekend.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with no clear direction over the past week. After a slightly higher local low was set at $1,265 on Monday, ETH/USD started to move higher once more, moving back above the $1,350 resistance.
However, not much further followed, resulting in another local lower high set at $1,380. Since then, ETH has slowly pivoted lower and formed consolidation above $1,350, which was broken over the past hours.
Ethereum price currently looks to set another slightly higher local low before further upside follows. Therefore, we expect bullish momentum to return overnight, leading ETH/USD to test further upside over the weekend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish as we have seen a quick spike lower after a steady reversal from the $1,380 previous local high. Likely ETH/USD sellers are exhausted again, and further upside will be tested over the weekend, with the $1,400 resistance as the next target to break.