Ethereum Price Analysis: ETH slowly recovers above $4,200, bulls still in control

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD has recovered 18 percent so far.
  • Next resistance at $4,400

Ethereum price analysis is bullish today as we expect the current retracement to continue. ETH/USD has already managed to move back above $4,200 resistance, with further upside to the $4,400 mark likely seen later in the day.

Ethereum Price Analysis: ETH slowly recovers above $4,200, bulls still in control 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong recovery over the last 24 hours. Bitcoin is up by 4.87 percent, while Ethereum by 7.81 percent. Meanwhile, Terra (LUNA) dominates the market, with a gain of 36 percent.

Ethereum price movement in the last 24 hours: Ethereum regains 18 percent from the previous low

ETH/USD traded in a range of $3,872.42 – $4,237.59, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 29.86 percent, totaling $28.33 billion,  while the total market cap trades around $500  billion, resulting in market dominance of 21.65 percent.

ETH/USD 4-hour chart: ETH targets $4,400 next?

On the 4-hour chart, we can see the Ethereum price action still slowly moving higher, likely leading to the next resistance at  $4,400 tested next.

Ethereum Price Analysis: ETH recovers above $4,200, bulls still in control
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen strong volatility over the past weeks. The market traded in an increasingly larger range, with both higher high and lower lows set. After reaching $4,750 by the end of November, another strong higher high was set, indicating more upside would follow.

However, after failing to continue higher on the 3rd of December, ETH/USD saw a strong decline until early Friday. A strong lower low was set as the market spiked to $3,600, meaning a drop of over 20 percent in less than 24 hours.

Quick recovery followed later on Friday, leading the Ethereum price back above $3,950 previous major support. Overnight, bulls remained in control, pushing ETH/USD towards the $4,200 next resistance.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw continuous advance overnight continue this morning. Therefore, ETH/USD should continue higher later today and reach towards the $4,400 resistance next.

While waiting for Ethereum to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.