Ethereum price analysis is bullish today as we have seen consolidation after the $1,250 support prevented further downside earlier. Likely ETH/USD has set a higher local low and is now ready to push even higher.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, has declined by 3.16 percent, while Ethereum has lost almost 2 percent. Meanwhile, the rest of the market has seen further selling.
Ethereum price movement in the last 24 hours: Ethereum established strong reversal base
ETH/USD traded in a range of $1,211.33 to $1,289.42, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24.89 percent, totaling $17.14 billion, while the total market cap traded around $154.5 billion, resulting in dominance of 18.23 percent.
ETH/USD 4-hour chart: ETH prepares to continue higher?
On the 4-hour chart, we can see a narrow consolidation range over the past hours, likely as bulls prepare to push ETH above $1,350.
Ethereum price has seen steady decline over the week after a new swing high was set at $1,650. From there, ETH/USD rapidly broke past previous support levels until the $1,100 mark was reached.
Slight reaction higher followed on Thursday, leading towards the $1,350 resistance. From there, ETH formed consolidation around $1,250, indicating that further recovery should soon follow as higher local low is set.
The next target for Ethereum price action is the $1,400 resistance. Once it is reached, we expect ETH/USD to continue recovering the loss seen this week and look to set further higher local lows.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen sideways movement above $1,250 support over the last 24 hours. Therefore, ETH/USD should soon continue even higher and look to recover even further, with the $1,400 resistance as the next target.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.