Ethereum price analysis is bullish today as we have seen strong rejection from the $1,725 support. Therefore, ETH/USD should continue to recover and move towards the $2,200 resistance, which previously acted as support.
Cryptocurrency heat map. Source: Coin360
The market has seen a strong recovery over the last 24 hours. The leader, Bitcoin, gained over 7 percent, while Ethereum gained 9.2 percent. The rest of the top altcoins recovered even further.
Ethereum price movement in the last 24 hours: Ethereum consolidates and begins to retrace
ETH/USD traded in a range of $1,874.51 to $2,139.71, indicating strong volatility over the last 24 hours. Trading volume has declined by 42.42 percent, totaling $28.55 billion, while the total market cap trades around $258.22 billion, resulting in a dominance of 19.39 percent.
ETH/USD 4-hour chart: ETH looks to reclaim $2,200 next?
On the 4-hour chart, we can see steady retracement throughout the day, as bullish momentum has received. Ethereum price likely targets the $2,200 previous support to be retested as resistance.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen a further decline over the past days. After support was found at $2,200 on Monday, ETH/USD moved into consolidation for more than 24 hours.
However, substantial retracement did not follow as the $2,500 mark could not be reached. Subsequently, ETH pushed even lower during the middle of the week, this time as low as the $1,725 mark.
Therefore, another strong lower low is set, indicating exhaustion for bears. Additionally, the sharp reaction higher late yesterday indicates that bulls are ready to take over the momentum and push Ethereum price higher over the weekend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen strong rejection for downside at the $1,725 mark. From there, ETH/USD has started to retrace, indicating that the several-day decline has ended for now.