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.

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.

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 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.

Cryptopolitan