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Ethereum price analysis: ETH swiftly rejects $1,300 support again, ready to move higher?

Ethereum price analysis is bullish today as we have seen another quick test of the $1,300 support result in a reaction higher over the past hours. Therefore, ETH/USD is ready to continue higher and look to set another strong wave higher later in the week.

Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.66 percent, while Ethereum lost 0.9 percent. Meanwhile, the rest of the market followed close by.

Ethereum price movement in the last 24 hours: Ethereum fails to recover

ETH/USD traded in a range of $1,300.00 to $1,335.66, indicating mild volatility over the last 24 hours. Trading volume has increased by 29.24 percent, totaling $7.35 billion, while the total market cap traded around $161 billion, resulting in market dominance of 17.18.

ETH/USD 4-hour chart: ETH looks to continue higher?

On the 4-hour chart, we can see a clear reaction higher, indicating that further bullish pressure will continue overnight.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen retrace from the $1,380 local high over the past days. After an initial drop to $1,330, further downside followed over the weekend, leading towards the $1,300 support.

From there, ETH/USD attempted to recover. However, further upside was quickly rejected overnight to today, leading ETH to test previous support again.

Ethereum price could not break past the $1,300 support once again as a quick reaction higher followed immediately after. Since then, ETH/USD has traded with low momentum, likely to prepare for a much more substantial rally overnight.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a clear reaction from the $1,300 support once again, indicating that a double bottom reversal has been formed. Therefore, we expect ETH/USD to start pushing higher overnight, likely to reach the $1,350 mark over the next days.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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