ETH Macro Analysis

Ethereum price analysis is bullish today as we have seen failure to decline further and another local high low set over the past hours. Therefore, we expect ETH/USD to continue higher next week and look to return above $1,500 local resistance soon before dropping further.

Ethereum price action has seen a strong decline over the past week. After ETH/USD peaked below $1,800 last weekend, the first spike lower took the market to the $1,550 support. From there, ETH reacted higher and retested $1,650 as resistance. However, no further recovery followed, leading bears to take over the momentum again. This time, selling continued past $1,500 next support until the $1,400 mark.

Since then, Ethereum price has retested previous support twice and set slightly higher lows. Likely ETH/USD is now ready to retrace even further, with the first target being the $1,550 previous support that now should act as a resistance.

Conclusion
Ethereum price analysis is bullish today as we have seen higher low set at $1,420 and a slight reaction higher since then. Therefore, ETH/USD should soon be ready to rally higher again and look to retrace some of the loss seen earlier this week.