Ethereum price analysis is bullish today as we have seen consolidation above $1,275 as further selling pressure did not follow. Therefore, ETH/USD is likely headed back above the $1,300 resistance to set another lower high.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.82 percent, while Ethereum 1.87 percent. Meanwhile, the rest of the market has traded with mixed results as volatility was low.
Ethereum price movement in the last 24 hours: Ethereum failed to break $1,275 support
ETH/USD traded in a range of $1,276.62 to $1,303.08, indicating mild volatility over the last 24 hours. Trading volume has declined by 7 percent, totaling $8.744 billion, while the total market cap traded around $159.53 billion, resulting in market dominance of 17.3 percent.
ETH/USD 4-hour chart: ETH tests $1,300 local resistance
On the 4-hour chart, we can see a slight reaction higher and a test of the $1,300 mark, likely leading Ethereum price even higher overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen further inability to set a clear trend direction over the past week. After the last swing high was set at $1,380, ETH/USD moved into a steady retrace lower, slowly leading back to the $1,275 support.
Strong spike lower attempted to break the support once again, however, not much downside could be reached, indicating that this price point still offers strong buying. From there, further attempts to break lower followed overnight, leading ETH to start gaining momentum this morning.
As a result, the $1,300 local resistance currently gets tested. For now, it holds, but Ethereum price should see further attempts to move higher later today as selling pressure still has not returned in a clear way.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen strong support at $1,275 to prevent further downside and quick move higher over the past hours. Therefore, ETH/USD will likely look to break even higher and move to set a clear lower high.