Ethereum price analysis: ETH rejects downside, continues consolidation below $1,350
$1,300 support was rejected yesterday.
Consolidation is seen overnight.
Ethereum price analysis is bullish today as we have seen failure to move lower and further consolidation over the last 24 hours. Therefore, ETH/USD looks to continue even higher over the weekend and break the $1,350.
Cryptocurrency heat map. Source: Coin360
The market has traded with bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, gained just over 3 percent, while Ripple was the top performer from the major altcoins, with almost 11 percent gain.
Ethereum price movement in the last 24 hours: Ethereum continued sideways
ETH/USD traded in a range of $1,293.19 to $1,346.13, indicating mild volatility over the last 24 hours. Trading volume has declined by 4.6 percent, totaling $13.744 billion, while the total market cap traded around $163.79 billion, resulting in market dominance of 17.33 percent.
ETH/USD 4-hour chart: ETH prepares to break $1,350?
On the 4-hour chart, we can see further consolidation today, likely as a spike higher will be attempted overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded no clear direction over the past weeks. After testing both upside and downside, the current high and low were set at $1,400 and $1,250, respectively.
Therefore, a clear direction for ETH/USD will be set once either of these levels are broken in a clear way. Over the past 24 hours, ETH has traded in the middle of the range, indicating no clear short-term direction, and further price action development is needed.
Yesterday, Ethereum price attempted to move lower once again, however, it was quickly rejected higher from the $1,300 support. Since then, no clear direction has been seen, meaning that the lack of selling should result in another strong test of the $1,350 resistance later today..
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we saw clear rejection from the $1,300 support after a quick spike lower yesterday. Therefore, ETH/USD should attempt another push higher and target the $1,400 resistance over the weekend.
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.