Ethereum price analysis: ETH continues higher, swiftly targets $1,250 next?

Ethereum price analysis is bullish today as we expect further upside to follow after consolidation ended and a break higher followed above the $1,175 mark. Therefore, ETH/USD is likely to push even higher and move towards the $1,250 resistance.

Cryptocurrency heat map. Source: Coin360

The market has traded with bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.73 percent, while Ethereum by 4.17 percent. Meanwhile, Avalanche is the top performer from the majors, with over 5 percent gain.

Ethereum price movement in the last 24 hours: Ethereum failed to reverse, tested more upside

ETH/USD traded in a range of $1,127.01 to $1,193.64, indicating mild volatility over the last 24 hours. Trading volume has declined by 20.84 percent, totaling $13.39 billion, while the total market cap trades around $143.61 billion, resulting in a dominance of 16.57 percent.

ETH/USD 4-hour chart: ETH ready to break $1,250?

On the 4-hour chart, we can see the Ethereum price action continuing to advance, indicating that further recovery will follow later in the week.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has continued to trade higher over the past days after a strong reversal from the previous low at the $1,000 mark was seen last week. On Monday, ETH/USD spiked higher to the $1,175 resistance, setting a clear higher high.

From there, a quick retrace set higher local low before further upside was tested. At first, another rejection lower was seen late on Tuesday, with consolidation forming yesterday.

What followed was a quick spike higher once again as reversal did not follow. This time, Ethereum price reached above the $1,175 resistance until the $1,200 mark. Considering this price action development, ETH/USD should soon continue even higher, with the next $1,250 mark in sight.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen further push higher overnight above the $1,175 next resistance. Therefore, ETH/USD will likely break even higher and target the $1,250 resistance. In case this level is broken, we expect a very bullish rest of July.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.