Ethereum price analysis is bullish today as we have seen a strong reaction higher from the last spike lower. Therefore, bulls will likely take a pause over the next hours before another push higher is seen later in the day.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.02 percent, while Ethereum gained almost 5 percent. Meanwhile, the rest of the top altcoins saw mostly even better results, with Uniswap being the top performer.
Ethereum price movement in the last 24 hours: Ethereum sets a clear reversal sign
ETH/USD traded between $1,019.22 to $1,120.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 11.18 percent, totaling $16.45 billion, while the total market cap trades at $132.13 billion.
ETH/USD 4-hour chart: ETH looks to advance further?
On the 4-hour chart, we can see a slight pullback over the past hours, which, if further downside does not follow, will offer a good setup for the next move higher later in the day. Once the momentum starts going, ETH/USD should see a push back to the $1,175 resistance.
Ethereum price action has seen a strong retrace from the previous upswing earlier this month. After the initial low was found at $1,040, ETH/USD started to trade higher early yesterday, indicating that a swing low is set.
However, further upside did not follow immediately. ETH saw a strong spike lower at the end of yesterday, almost reaching the $1,000 mark. Reaction higher followed immediately, forming a massive rejection candle and clearly signaling an upcoming reversal.
Since then, Ethereum has traded higher, reaching back above $1,100 and peaking at around $1,125. Small local retrace has followed over the past hours, indicating that local higher low will be set before a strong push higher begins. Once that is done, we expect ETH/USD to push towards the $1,175.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong rebound from $1,000 support and a local higher high set around $1,125. Therefore, we expect ETH/USD to continue even higher later in the day as sellers are still exhausted over the medium term.