Ethereum price analysis is bullish today as we have seen a reaction at the $1,040 mark after a drop of almost 20 percent from the previous swing high. Therefore, we assume bearish momentum is exhausted, and ETH/USD is ready to push higher once again.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 0.38 percent, while Ethereum had a small gain of 0.97 percent. Meanwhile, the rest of the top altcoins trade with mixed, low volatility results.
Ethereum price movement in the last 24 hours: Ethereum looks to set a higher low
ETH/USD traded in a range of $1,037.56 to $1,086.58, indicating substantial volatility over the last 24 hours. Trading volume has increased by 3.05 percent, totaling $12.925 billion, while the total market cap trades around $131.3 billion, resulting in a dominance of 14.85 percent.
ETH/USD 4-hour chart: ETH looks to return above $1,100
On the 4-hour chart, we can see the Ethereum price pushing higher after a bounce at the $1,040 mark earlier, which should lead to a lot more upside later in the week.
Ethereum price action has seen a strong decline over the past days as a reversal around the $1,250 mark was seen late last week. ETH/USD quickly started to decline, pushing past the $1,175 intermediate support level during the start of the week and opening a lot more room for further downside.
Selling increased further yesterday, leading to a new low tested at the $1,040 mark. Further downside did not follow as reaction higher was seen shortly after. Since then, ETH has retraced to retest $1,100 as resistance.
Right now, we do see not enough pressure to pass the local resistance clearly. However, when considering the previous decline, we expect Ethereum price to advance further after a brief pause. Once that is done, ETH/USD should look to push even higher to the $1,175 mark.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen signs of reversal over the last hours after a reaction was made at the $1,040 support. ETH/USD has likely set a swing higher low and is now ready to push higher once more.