Ethereum price analysis is bullish today as we have seen consolidation around $1,250 after buyers failed to return overnight. Therefore, the current quick retest of previous support will likely be enough for ETH/USD to rapidly continue higher over the next 24 hours.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.37 percent, while Ethereum 1.83 percent. Meanwhile, the rest of the market has followed, with some of the top altcoins declining by over 10 percent.
Ethereum price movement in the last 24 hours: Ethereum price action failed to gain momentum
ETH/USD traded in a range of $1,220.22 to $1,277.61, indicating low volatility over the last 24 hours. Trading volume has declined by 44.9 percent, totaling $9.84 billion, while the total market cap traded around $151.6 billion, resulting in a dominance of 18.18 percent.
ETH/USD 4-hour chart: ETH prepares to continue higher?
On the 4-hour chart, we can see quick retest of previous lows, likely as Ethereum price is ready to continue higher and look to recover above $1,350 resistance.
Ethereum price action has traded with strong selling pressure over the past days. After the last push lower on Wednesday, ETH/USD bounced from $1,100 support and established the current major swing low.
From there, ETH quickly recovered to $1,350, indicating a strong reversal signal for the upcoming week. Steady retrace and consolidation around $1,250 further confirmed the fact that reversal will play out over the rest of the month.
Currently, Ethereum price tests the downside around $1,200 support with low momentum, likely leading to reversal soon. Therefore, ETH/USD is ready to push even higher as local low is set in a clear way. Once buying pressure returns, we expect next week to start with another wave higher.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen consolidation over the past days form a strong higher local low. Likely ETH/USD will soon continue higher from there, and look to reach the $1,400 next resistance.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.