Ethereum price analysis: ETH slowly bottoms out at $1,550, further upside next?
ETH/USD found support at $1,550.
Reversal is currently being formed.
Ethereum price analysis is bullish today as we have seen a strong decline and clear reaction at the $1,550 support. Therefore, we expect ETH/USD to reverse soon and look to move back higher.
Cryptocurrency heat map. Source: Coin360
The market has traded with selling pressure over the last 24 hours. The leader, Bitcoin, lost 4.57 percent, while Ethereum 0.53 percent. Meanwhile, Solana (SOL) lost over 6 percent and was one of the top decliners from the major altcoins.
Ethereum price movement in the last 24 hours: Ethereum begins to consolidate above $1,550
ETH/USD traded in a range of $1,564.03 to $1,626.25, indicating substantial volatility over the last 24 hours. Trading volume has declined by 7 percent, totaling $19.56 billion, while the total market cap traded around $196 billion, resulting in market dominance of 19.69 percent.
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ETH/USD 4-hour chart: ETH looks to recover?
The 4-hour chart shows buying pressure taking over Ethereum price action, indicating that we can expect recovery over the next days.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has set a strong higher swing high over the last weekend after several days of strong upside momentum. Resistance as $1,800 was almost reached before ETH/USD began to reverse as sellers took over.
The first attempts to retrace yesterday resulted in a break below $1,720 previous support. Quick retest of upside and lower local high was set later in the day, setting up ETH for another push lower.
Further downside did follow quickly as a spike of over 10 percent was seen. This time, support was found at $1,550, meaning that a strong higher local low is set, and Ethereum price action is ready to continue higher once again.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen rejection from the $1,550 after a substantial drop earlier in the week. Therefore, ETH/USD is ready to reverse and look to rally towards new highs over the rest of the week.
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