Ethereum price analysis is bullish today as we expect the last retest of the downside to have been set and reversal to soon follow. Therefore, ETH/USD is likely to soon begin another push higher to break the $1,500 local resistance.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.9 percent, while Ethereum by 1.55 percent. Meanwhile, the rest of the market has seen mixed low volatility movements.
Ethereum price movement in the last 24 hours: Ethereum tests downside again, quickly reacts higher
ETH/USD traded in a range of $1,454.28 to $1,505.79, indicating substantial volatility over the last 24 hours. Trading volume has declined by 42 percent, totaling $14.35 billion, while the total market cap trades around $180 billion, resulting in a dominance of 18.71 percent.
ETH/USD 4-hour chart: ETH ready to move higher?
On the 4-hour chart, we can see the last retest of the previous low, likely as bears look to form local higher low before another major move higher.
Ethereum price action has traded with strong selling pressure over the past days after a new major swing lower high was set at $1,725. Late on Friday, ETH/USD had already broken past $1,550 previous major support, opening the way for a lot more downside to follow.
However, not a lot further selling followed as the next support was found at $1,500. Sideways movement followed later, while another quick spike lower was seen overnight.
This time, Ethereum price reached the next local support at $1,550, with an immediate reaction higher seen late yesterday. We can assume that sellers are exhausted for now, and ETH/USD is now ready to begin the next week with a strong move higher.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we currently see a reversal in progress after a quick drop to the $1,450 support. Therefore, ETH/USD should soon move past the $1,500 local resistance and begin retracing the previous downswing.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
