Ethereum price analysis is bullish today as we have seen consolidation over the past 24 hours after a steep drop earlier in the week. Therefore, ETH / USD is ready to bounce back and test again the previous highs of the last 24 hours.
The market has been trading with mixed momentum over the past 24 hours. The leader, Bitcoin, lost 0.13%, while Ethereum recorded a slight increase of 0.1%. Meanwhile, Cardano (ADA) was the best, with a gain of over 5%.
Ethereum Price Movement Over the Last 24 Hours: Ethereum continued to consolidate
ETH / USD has been trading in a range of $ 1,541.67 to $ 1,561.85, indicating low volatility over the past 24 hours. Trading volume decreased by 51.59 percent, to a total of $ 8.22 billion, while the total market capitalization is around $ 189.95 billion, resulting in a market dominance of 19.45. percent.
ETH / USD 4-hour chart: ETH set to re-test previous high
On the 4-hour chart, we can see Ethereum’s price action moving sideways, indicating a reversal should follow soon and the previous resistance at $ 1,650 will soon be tested.
Ethereum’s price action saw a further retracement from the previous low of $ 1,420. After initially testing the $ 1,600 resistance, ETH / USD hesitated for a couple of days before reaching $ 1,650.
The selling pressure soon returned, leading ETH to retest previous lows rather quickly. Support was found this time around $ 1,550, with consolidation seen since then.
As a result, the price of Ethereum will likely try to re-test its previous local high in the coming days. However, another strong bearish wave could begin as soon as further bearish is tested. Alternatively, if ETH / USD breaks out of the $ 1,650 resistance.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we have seen consolidation at the $ 1,550 support after a quick retracement from the previous local high of $ 1,650. Therefore, the sellers of ETH / USD are likely closed for now and the bulls are ready to take over early next week.
While waiting for Ethereum to move further, check out our articles on how to buy Litecoin, Filecoin and Polkadot.