ETH price analysis is bullish today, as another higher local low is expected due to the slow selling over the past hours.
Likely to look price ETH to rise again and look to break the resistance level at $1,650.
The market has traded in the red for the past 24 hours. Bitcoin lost 2.63%, while ETH lost more than 5.38%. Meanwhile, the rest of the market traded with mixed but steady results.
ETH price action over the past 24 hours: Retesting previous lows
ETH was trading between $1,542.30 and $1,643.18, indicating moderate volatility over the past 24 hours. The trading volume decreased by 21.79%, to a total of $13.43 billion, while the total market value was traded at about $189.47 billion, resulting in a market dominance of 19.44%.
Ethereum 4 Hour Price Chart: Is It Reversing Again?
The 4 hour chart is showing slow momentum at the $1550 mark, indicating that another higher local low will be identified soon.
ETH has been trading with steady bullish momentum over the past week. After setting a new swing low at the $1,425 support level, the price of Ethereum quickly reversed, gaining more than 10%.
From there, more upside was slowly reached as the consolidation started on a slightly upward trajectory. More local higher lows were identified over the past days, which eventually led to another quick move to the $1,650 resistance level.
Since then, the price of Ethereum has rebounded, as another local low should be set. ETH will soon be looking to retest the previous local high at $1,650. If the bearish momentum returns before reaching the resistance, we expect ETH to move in another bearish direction next week.
Conclusion
Ethereum price analysis is bullish today, as we saw a slow bounce towards the $1550 support level during the past hours. Therefore, ETH price should reverse soon, looking to return towards the previous high at $1,650.
Source: Cryptopolitan