Today’s Ethereum price analysis is up as we expect a rebound after today’s strong sell-off. ETH/USD is expected to find support around its previous low of $3,950, which should lead to further gains in the next 24 hours.
The market as a whole has been under strong selling pressure in the last 24 hours. Bitcoin lost 7.33 percent while Ethereum lost 9.11 percent. Other top altcoins followed with similar results.
Ethereum price movement over the last 24 hours: Ethereum jumps below $3,950 after hitting a high of $4,550
ETH/USD is trading in a range of $3,933.51 – $4,550.84, which indicates tremendous volatility over the last 24 hours. Trading volume increased 30.71 percent to a total value of 25.79 billion dollars. The total market cap is now trading at around $480 billion, resulting in a market dominance of 19.63 percent.
4-hour ETH/USD chart: ETH starts to recover, yields above USD 4,000
On the 4-hour chart, we see a rebound in Ethereum price as further declines were rejected in the last few hours.
Ethereum has been slowly bouncing off its previous record high of $4,867 on November 10 in recent weeks after a sharp decline. Finally support was found at $3,950 with the following reaction taking ETH/USD to $4,400.
A higher floor was set on Monday, indicating a possible reversal. Since then, Ethereum has been slowly moving upwards, until yesterday there was a quick break above the previous high.
Ethereum price hit a high of $4,555, which quickly turned downwards overnight. Another drop occurred, pushing ETH/USD to previous lows to test the base low of $3,950. Upward momentum has resurfaced in the last few hours, sending ETH higher as the market begins to compensate for the losses.
Ethereum price analysis: conclusion
Ethereum price analysis is up as we expect a correction to follow in the next 24 hours as the bearish momentum wears off. As such, ETH/USD is moving higher to offset some of the losses seen earlier today.
While you wait for Ethereum to move forward, check out our articles on the Best Crypto Wallets in 2021, Reduced Wallets, and Ripple vs. SEC.