Ethereum price analysis is bullish today as we expect another higher local low to be set due to slow selling over the past hours. Likely ETH/USD will look to rally once again and look to break past the $1,650 resistance.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.63 percent, while Ethereum over 5.38 percent. Meanwhile, the rest of the market traded with mixed but steady results.
Ethereum price movement in the last 24 hours: Ethereum retests previous lows
ETH/USD traded between $1,542.30 to $1,643.18, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.79 percent, totaling $13.43 billion, while the total market cap trades around $189.47 billion, resulting in market dominance of 19.44 percent.
ETH/USD 4-hour chart: ETH looks to reverse again?
The 4-hour chart shows slow momentum at the $1,550 mark, indicating that another higher local low will soon be set.
Ethereum price action has traded with a steady bullish momentum over the past week. After setting a new swing lower low at $1,425 support, ETH/USD quickly reversed, gaining over 10 percent.
From there, further upside was reached slowly as consolidation with a slightly upward trajectory began. Further local higher lows were set over the past days, eventually leading to another quick move higher to the $1,650 resistance.
Since then, Ethereum price has retraced as another local higher low needs to be set. Likely, ETH/USD will soon look to retest the previous local high at $1,650. If bearish momentum returns before the resistance is reached, we expect ETH to move for another downswing next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a slow retrace towards the $1,550 support over the last hours. Therefore, ETH/USD should soon reverse and look to head back towards the previous high at $1,650.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
Credit: Source link