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- Ethereum price analysis is bullish today.
- ETH/USD saw retracement to $3,900 overnight.
- Higher high was previously set at $4,060.
Ethereum price analysis is bullish today as we expect the $3,900 mark to reverse the market back to the upside. Therefore, ETH/USD should move to set further highs, with the closest resistance seen at $4,200.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, has lost 1.67 percent, while Ethereum declined by 2.38 percent. Meanwhile, Terra (LUNA) is the worst performer from the major altcoins, with a loss of 11.65 percent.
Ethereum price movement in the last 24 hours: Ethereum finds support above $3,900
ETH/USD traded in a range of $3,897.23 – $4,036.04, indicating mild volatility over the last 24 hours. Trading volume has increased by 10.2 percent, totaling $15.11 billion. Meanwhile, the total market cap trades around $467.6 billion, resulting in a market dominance of 20.62 percent.
ETH/USD 4-hour chart: ETH set to bounce from $3,900?
On the 4-hour chart, we can see the Ethereum price retracing to $3,900, where a higher low is currently benign set.
Ethereum price has seen a strong decline so far this month. After setting a series of lower highs, ETH/USD retested the major support areas around $3,650 last week.
Higher lows were finally seen later last week, indicating that the market is trading in an increasingly tighter range. Additionally, a descending trendline was formed, with several retests, indicating a breakout area for the upcoming reversal.
Spike higher finally followed on the 21st of December. Ethereum peaked at around $4,060, setting a higher local high. Since then, the Ethereum price has slowly retraced to test the $3,900 support, likely leading to another higher low being established later in the day.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expect another higher low to be set above $3,900. From there, ETH/USD should move to the next resistance at $4,200 next.
While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.