- Ethereum price analysis is bullish today.
- ETH/USD continued to retrace yesterday.
- Support at $3,900 still holds.
Ethereum price analysis is bullish today as we expect recovery to follow after a decline of almost 15 percent was seen earlier this week. Likely ETH/USD is now ready to move higher and continue the overall recovery from the massive drop seen last Friday.
The crypto market overall has seen a decline over the last 24 hours. Bitcoin lost 1.1 percent, while Ethereum 2.91 percent. Meanwhile, Terra (LUNA) is the worst performer, with a loss of 10.93 percent.
Ethereum price movement in the last 24 hours: Ethereum declines back to $3,900
ETH/USD traded in a range of $3,889.87 – $4,227.11, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 2.34 percent, totaling $26.75 billion, while the total market cap trades around $479.8 billion, resulting in a market dominance of 21.39 percent.
ETH/USD 4-hour chart: ETH looks to reverse?
On the 4-hour chart, we can see the Ethereum price finding support at $3,900 and quickly rejecting further downside, likely meaning a reversal to the upside should follow today.
Ethereum price has continued to trade in a relatively large range over the past week. After spiking to $3,600 last Friday, ETH/USD saw a recovery to $4,500 this week.
However, further upside could not be reached, leading to another selloff on Thursday. Yesterday, the bearish momentum continued, leading ETH to retest the previous low of around $3,900 overnight.
As soon as the support was reached, rejection for further downside was seen, returning the Ethereum price above $4,000. Since then, ETH/USD has seen sideways movement as bulls likely prepare to recover even more.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as any further downside was rejected over the past hours after another push lower yesterday. Therefore, we expect ETH/USD to reverse and head higher again over the weekend.