Following a Monday retest of $3,650, price analysis on Ethereum appears bullish today after an upside occurred yesterday. It is expected that ETH/USD will see a further upside in the next 24 hours
In the last 24 hours, the overall cryptocurrency market has seen a bullish momentum trade with Bitcoin gaining 2.69 percent. Ethereum came up by 1.74 percent while Terra (LUNA) gained close to 8 percent.
ETH/USD has indicated a reasonable amount of volatility in the past 24 hours as it traded in a range of $3,760.57 – $3,892.52.
However, the trading volume declined by 10.85 percent, totaling $15 billion while the overall market cap was around $455.5 billion which resulted in 17.98 percent market dominance.
Ethereum’s price on the 4-hour chart is advancing higher in the last 24 hours, an indication that may see movement towards the $4,000 mark.
So far in October, the price on Ethereum has recorded strong performances, following an initial rally that saw ETH/USD hit $3,650 on the 7th of October.
It resumed some days later, spiking another higher round on the 13th of October, however, it has seen a slow backtrack which has to led to a retest of $3,650 resistance.
In the past one day, Ethereum’s price has indicated bullishness, moving away from its 3,650 support.
Conclusion
As of today, price analysis on Ethereum is bullish with the market edging away from the $3,650 support. It is expected that ETH/USD price will move towards a $4,000 resistance in the next 24 hours.
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