https://ift.tt/3eo7yJB Price Analysis: ETH slowly retraces to $4,000, targets $4,200 next?

TL;DR Breakdown

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

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

The market overall has seen slight bearish momentum over the last 24 hours. The market leader, Bitcoin, has declined by 0.47 percent, while Ethereum has lost 0.56 percent. Meanwhile, Ripple (XRP) is the worst performer, with a loss of over 5 percent.

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

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

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

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

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

Brief retracement set a strong higher low at $3,900 before another spike higher was seen a day later. This time, Ethereum peaked at $4,160 and moved past additional previous lower highs.

Since then, the Ethereum price has slowly retraced once more. Support likely has been found above $4,000, meaning that we can expect ETH/USD to push to $4,200 next.

Ethereum Price Analysis: Conclusion 

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

While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.