Ethereum Price Analysis: ETH retests $2,750 again, set to swiftly rally today?

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  • Ethereum price analysis is bullish today.
  • ETH/USD set a slightly higher low above $2,750 overnight.
  • Ethereum starts to reverse higher.

Ethereum price analysis is bullish today as a slightly higher low was set after a decline over the last 24 hours. Since further downside could not be reached, we expect ETH/USD to move higher next.

Ethereum Price Analysis: ETH retests $2,750 again, set to swiftly rally today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen slight bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 1.45 and 0.79 percent, respectively. Meanwhile, Binance Coin (BNB) is the best performer, with a gain of more than 8 percent.

Ethereum price movement in the last 24 hours: Ethereum declines back to $2,750

ETH/USD traded in a range of $2,793.28 – $2,946.95, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 4.27 percent and totals $16.7 billion, while the total market cap trades around $345 billion, resulting in the market dominance of 18.33 percent.

ETH/USD 4-hour chart: ETH set to rally today?

On the 4-hour chart, we can see the Ethereum price action starting to push higher as bears are exhausted again.

Ethereum Price Analysis: ETH retests $2,750 again, set to rally today?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen consolidation over the past week. After a new major swing lower high was set around $3,650 on the 16th of September, ETH/USD saw a rapid decline over the following days.

Support was eventually found around $2,750 early last week. What followed was a reaction higher, with the $3,150 previous major support retested as resistance. 

Later last week, ETH saw a quick spike back to $2,750, resulting in a second retest of the support. Over the weekend, Ethereum price action moved back to $3,150, establishing a consolidation range.

This price action development leads us to the current several-day decline back to the bottom of the consolidation range. Likely we will see Ethereum move higher over the following days to retest previous highs again.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw a reversal above $2,750 this morning, with a reaction higher following over the past hours. Therefore, we expect ETH/USD to move higher next and move back to the previous range high.

Source: cryptopolitan.com

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