Ethereum Price Analysis: ETH Slowly Reclining to $ 4,000, Aiming for $ 4,200 Next?

TL; DR Breakdown

Ethereum price analysis is bullish today. ETH / USD fell back to $ 4,000 yesterday. Next resistance at $ 4,200.

Ethereum price analysis is bullish today as we expect more leads to follow in the next 24 hours after support was found at $ 4,000. Therefore, ETH / USD is likely ready to move towards the next target at $ 4,200.

Cryptocurrency heat map. Source: Coin360

The market as a whole has seen a slight bearish momentum over the last 24 hours. Market leader Bitcoin is down 0.47 percent, while Ethereum is down 0.56 percent. Meanwhile, Ripple (XRP) is the worst performer, with a loss of more than 5 percent.

Ethereum price movement in the last 24 hours: Ethereum finds a higher low above $ 4,000

ETH / USD traded in a range of $ 4,027.93 – $ 4,134.11, indicating slight volatility over the last 24 hours. Trading volume has decreased by 26.58 percent, totaling $ 11.57 billion. Meanwhile, the total market capitalization is trading around $ 481.9 billion, resulting in a market dominance of 20.38 percent.

4-hour ETH / USD chart: Is ETH ready to move to $ 4,200?

On the 4-hour chart, we can see that the Ethereum price sets another higher low today as the $ 4,000 support prevented further downside.

ETH / USD 4-hour chart. Source: TradingView

Ethereum price has seen a bullish return this week. After forming a consolidation in an increasingly narrow range previously, ETH / USD finally set a higher high at $ 4,080 on Wednesday.

A brief pullback set a strong low higher at $ 3,900 before another peak was seen a day later. This time, Ethereum hit a high of $ 4,160 and surpassed additional previous lower highs.

Since then, the price of Ethereum has slowly receded again. Support above $ 4,000 has likely been found, which means that we can expect ETH / USD to rise to $ 4,200 next.

Ethereum price analysis: conclusion

Ethereum price analysis is bullish today as we have seen another higher low above $ 4,000. Therefore, ETH / USD is now ready to move higher to the next resistance at $ 4,200.

While you wait for Ethereum to make further progress, check out our articles on Crypto Tax Loss Collection, BTC-Backed Mortgage Services, and Pi Wallet.

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Ethereum Price Analysis: ETH Slowly Reclining to $ 4,000, Aiming for $ 4,200 Next?

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