Ethereum price analysis: ETH swift spikes to $1,450, bottom is set?
ETH/USD continued to decline late yesterday.
Reaction to $1,500 seen earlier.
Ethereum price analysis is bullish today as we expect the last retest of the downside to have been set and reversal to soon follow. Therefore, ETH/USD is likely to soon begin another push higher to break the $1,500 local resistance.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.9 percent, while Ethereum 1.55 percent. Meanwhile, the rest of the market has seen mixed low volatility movements.
Ethereum price movement in the last 24 hours: Ethereum tests downside again, quickly reacts higher
ETH/USD traded in a range of $1,454.28 to $1,505.79, indicating substantial volatility over the last 24 hours. Trading volume has declined by 42 percent, totaling $14.35 billion, while the total market cap trades around $180 billion, resulting in a dominance of 18.71 percent.
ETH/USD 4-hour chart: ETH ready to move higher?
On the 4-hour chart, we can see the last retest of the previous low, likely as bears look to form a local higher low before another major move higher.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong selling pressure over the past days after a new major swing lower high was set at $1,725. Late on Friday, ETH/USD had already broken past $1,550 previous major support, opening the way for a lot more downside to follow.
However, not a lot further selling followed as the next support was found at $1,500. Sideways movement followed later, while another quick spike lower was seen overnight.
This time, Ethereum price reached the next local support at $1,550, with an immediate reaction higher seen late yesterday. We can assume taht sellers are exhausted for now, and ETH/USD is now ready to begin the next week with a strong move higher.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we currently see reversal in progress after a quick drop to the $1,450 support. Therefore, ETH/USD should soon move past the $1,500 local resistance and begin retracing the previous downswing.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.