Ethereum Price Analysis: ETH continues to slowly retrace, support found above $4,450?

Ethereum price analysis is bullish today as support has been found at $4,450 overnight after a failure to move to $4,400 yesterday. Therefore, ETH/USD has likely set a new higher high, preparing for another push higher next week.

Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin gained 0.93 percent, while Ethereum 0.73 percent. Meanwhile, Shiba Inu (SHIB) is among the top performers, with a gain of 13.6 percent.

Ethereum price movement in the last 24 hours: Ethereum retraced to $4,450, formed consolidation overnight

ETH/USD traded in a range of $4,447.49 – $4,537.84, indicating low volatility over the last 24 hours. Trading volume has declined by 20 percent and totals $13.98 billion, while the total market cap trades around $530 billion, ranking the coin in 2nd place overall.

ETH/USD 4-hour chart: ETH to reverse from $4,450?

On the 4-hour chart, we can see the Ethereum price moving sideways for the past hours, indicating an upcoming reversal.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw a strong higher high set this week. After a higher low was set around $4,200, a strong push higher followed on Tuesday, leading ETH/USD to a new all-time high at $4,670 a day later.

Since then, Ethereum has seen slow retracement. On Thursday, ETH/USD attempted to retrace to $4,400 unsuccessfully as the previous high at $4,450 stopped further downside.

Consolidation followed over the last 24 hours, with no attempts to break lower. Likely Ethereum price action has found a new higher low, meaning that we should see bullish momentum return over the next days.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw sideways consolidation above $4,450 overnight. Likely, ETH/USD has set a new higher high, preparing for the next push higher next week.

While waiting for Ethereum to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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