TL;DR Breakdown
- Ethereum price analysis is bullish.
- ETH/USD consolidated below $4,000 yesterday.
- New all-time highs are currently set.
Ethereum price analysis is bullish today as bullish momentum has resumed today after a consolidation below $4,400. The previous high at $4,460 has already been broken, with the momentum still strong, likely leading ETH to set a clear higher high.
The cryptocurrency market has seen strong bullish momentum over the last 24 hours. Bitcoin has gained 4.41 percent, while Ethereum 4.22 percent increase. Meanwhile, Loopring (LRC) is the top performer, with a gain of 94 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks out of consolidation below $4,400
ETH/USD traded in a range of $4,269.72 – $4,513.91, indicating substantial volatility over the last 24 hours. Trading volume has increased by 5.97 percent and totals $18.9 billion, while the total market cap trades around $533.45 billion, resulting in market dominance of 19.5 percent.
ETH/USD 4-hour chart: ETH setting new all-time highs above $4,500
On the 4-hour chart, we can see Ethereum price action starting to rapidly advance over the second half of the day, likely leading to a clear higher high set.
Ethereum price action saw a substantial advance over October. On the 21st of October, ETH/USD briefly moved to test the $4,400 previous all-time high, with rejection initially.
After consolidating below the $4,400 all-time high last week, a new higher low was established around $3,900. From there, Ethereum saw bullish momentum return on the 28th of October, leading to a slightly higher high set at $4,460.
However, the market reversed rather quickly, moving to set a higher low at $4,200. After some consolidation yesterday, bullish momentum slowly resumed until a strong spike above $4,400 was seen in the afternoon.
Currently, the bullish momentum for Ethereum price action is still strong. Therefore, we can expect ETH/USD to set a strong higher high over the next hours, with the $4,600 mark likely as the next target.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as we have seen a strong upsurge over the past hours after a consolidation below $4,400 yesterday. As the previous all-time high has been broken and momentum is still strong, we will likely see ETH/USD reach the $4,600 mark next.
While waiting for Ethereum to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.
