Ethereum price analysis today is bullish. Therefore, ETH/USD may be looking to retrace and set even lower local highs.
The trading results of the market over the past 24 hours have been mixed. Bitcoin rose 0.71% while Ethereum fell more than 0.85%. The rest of the top altcoins traded with similar, slightly mixed results.
Ethereum Price Action Over the Last 24 Hours: Ethereum Fails to Recover, Tests Further Downs
ETH/USD is trading between $1,611.34 and $1,722.50, indicating intense volatility over the past 24 hours. Although trading volume fell 13% to a total of $13.37 billion, the total market cap traded at around $200 billion, giving it a 19.55% market advantage.
ETH/USD 4-Hour Chart: Does ETH Look to Retrace Further?
The 4-hour chart shows a steady retrace from midnight. This is because another low local high has not yet been set.
Ethereum price action saw a strong swing set at $2,000 earlier this week.
After seeing the last strong rally on Wednesday, ETH/USD began a sharp decline, dropping another 15% against the $1,600 support. Late yesterday he again did not follow the reversal as ETH surged to his $1,525.
Since then, the Ethereum price has been trading higher as it appears to have set another low local high. Moreover, bearish momentum should continue to dominate early next week until a clear push is set.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish. It failed to recover further yesterday and saw another surge by the end of the day. However, since then, ETH/USD has started to retrace, indicating that it should set another low local high first.
While you wait for Ethereum to evolve further, check out our articles on how to buy Litecoin, Filecoin, and Polkadot.