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Ethereum price analysis is bullish today as we have seen failure to drop further and a quick reversal over the past hours. ETH/USD has also broken past $1,500 resistance, indicating that retracement from the previous push lower has begun.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2 percent, while Ethereum 3.6 percent. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum fails to break lower
ETH/USD traded in a range of $1,427.73 to $1,524.34, indicating substantial volatility over the last 24 hours. Trading volume has increased by 20.64 percent, totaling $17 billion, while the total market cap trades around $185.75 billion, resulting in market dominance of 18.93 percent.
ETH/USD 4-hour chart: ETH begins to retrace
On the 4-hour chart, we can see the first strong spike above $1,500, indicating that more upside is to follow over the next few days.
Ethereum price action saw a strong lower swing high set last week after several days of retracement. Buying pressure stopped at $1,720m leading to further downside later in the week.
Selling continued for several days, leading to the $1,500 as the first stop. After some hesitance, ETH/USD tested even further downside, leading to the $1,425 support next.
From there, Ethereum price reversed, likely as sellers were exhausted again. Over the past hours, ETH/USD already broke past previous resistance, indicating that more upside is about to follow.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong lower swing low set and the first signs of reversal as the $1,500 resistance was broken. Therefore, we expect ETH/USD to continue higher later in the week and look to set another swing lower high.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.