Ethereum price analysis: ETH rejects downside, continues consolidation below $1,350

Ethereum price analysis is bullish today as we have seen failure to move lower and further consolidation over the last 24 hours. Therefore, ETH/USD looks to continue even higher over the weekend and break the $1,350.

Ethereum price analysis: ETH rejects downside, continues consolidation below $1,350 1
Cryptocurrency heat map. Source: Coin360

The market has traded with bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, gained just over 3 percent, while Ripple was the top performer from the major altcoins, with almost 11 percent gain.

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Ethereum price movement in the last 24 hours: Ethereum continued sideways

ETH/USD traded in a range of $1,293.19 to $1,346.13, indicating mild volatility over the last 24 hours. Trading volume has declined by 4.6 percent, totaling $13.744 billion, while the total market cap traded around $163.79 billion, resulting in market dominance of 17.33 percent.

ETH/USD 4-hour chart: ETH prepares to break $1,350?

On the 4-hour chart, we can see further consolidation today, likely as a spike higher will be attempted overnight.

Ethereum price analysis: ETH rejects downside, continues consolidation below $1,350
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded no clear direction over the past weeks. After testing both upside and downside, the current high and low were set at $1,400 and $1,250, respectively.

Therefore, a clear direction for ETH/USD will be set once either of these levels are broken in a clear way. Over the past 24 hours, ETH has traded in the middle of the range, indicating no clear short-term direction, and further price action development is needed.

Yesterday, Ethereum price attempted to move lower once again, however, it was quickly rejected higher from the $1,300 support. Since then, no clear direction has been seen, meaning that the lack of selling should result in another strong test of the $1,350 resistance later today..

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we saw clear rejection from the $1,300 support after a quick spike lower yesterday. Therefore, ETH/USD should attempt another push higher and target the $1,400 resistance over the weekend. 

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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