Ethereum price analysis is bullish today.
ETH/USD peaked below $4,400 yesterday.
Retracement to $4,000 was seen late yesterday.
Ethereum price analysis is bullish today as a new higher low has likely been set after a retracement to retest the $4,000 mark as support. Unless ETH/USD breaks lower, we expect further upside to follow over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market traded mostly in the red over the last 24 hours, as retracement was seen after a strong performance earlier this week. The market leaders, Bitcoin and Ethereum, lost 4.06 and 3.56 percent, while Solana (SOL) is the top performer, with almost an 8 percent gain.
Ethereum price movement in the last 24 hours: Ethereum spikes to $4,400, retraces to retest $4,000 as support
ETH/USD traded in a range of $4,032.48 – $4,366.09, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.88 percent and totals $26.12 billion, while the total market cap trades around $488.3 billion, resulting in the market dominance of 18.75 percent.
ETH/USD 4-hour chart: ETH ready to break $4,400?
On the 4-hour chart, we can see the Ethereum price action slowly regaining bullish momentum, likely leading top further upside today.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong performance over the past month. After a strong major swing low was set above $2,750 at the end of September, a strong push started on the 1st of October.
First, ETH/USD reached the $3,650 previous resistance, with a further move higher on the 13th of October, taking ETH to just under $4,000. Another retracement followed, with the $3,650 resistance retested as support.
From there, the Ethereum price action pushed higher again on Wednesday, leading ETH to $4,400 yesterday. Since then, ETH/USD has seen a quick retracement to retest the $4,000 previous resistance as support, indicating that a new higher low has been set.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as a new higher low has been established above $4,000 after a rejection below $4,400. Therefore, we expect ETH/USD to regain bullish momentum and push higher once again.
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