Ethereum price analysis is bullish today as we have seen a clear reaction from the $1,275. From there, ETH/USD started to consolidate in preparation for another rally later.
Cryptocurrency heat map. Source: Coin360
The market has traded with bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.29 percent, while Ethereum 2.61 percent. Meanwhile, the rest of the market followed close by.
Ethereum price movement in the last 24 hours: Ethereum fails to reach $1,250
ETH/USD traded in a range of $1,278.22 to $1,307.00, indicating low volatility over the last 24 hours. Trading volume has declined by 12.79 percent, totaling $8.98 billion, while the total market cap traded around $159.82 billion, resulting in a market dominance of 17.34 percent.
ETH/USD 4-hour chart: ETH targets $1,350 again?
On the 4-hour chart, we can see buying pressure slowly return as consolidation comes to an end without no clear signs of reversal.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen consolidation in an increasingly tighter range over the past week. After both a higher low and lower high was set, ETH/USD retested support at $1,275, forming a consolidation.
Further downside could not be reached until a quick spike lower was seen yesterday. The $1,250 support could not be reached as a reaction higher followed immediately.
Since then, Ethereum price has formed consolidation, leading back above $1,300 resistance and indicating that further upside will soon follow. Likely ETH/USD will look to reach the $1,350 resistance next, as another major wave higher should follow over the next weeks.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen failure tor everse after a quick reaction higher yesterday. Therefore, we expect ETH/USD to continue even higher and look to target the $1,350 resistance next.
While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.
