- ETH retests $2,900 resistance overnight.
- Support found at $2,600.
- Resistance at $3,200.
Ethereum price analysis is bullish for today as the market has retracted over the last 24 hours and currently prepares to move to the $3,200 mark. This would establish even more bullish price structure, and lead to new all-time highs later this month.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 6.74 percent while Ethereum 8.6 percent. The rest of the cryptocurrency market follows this pattern of substantial loss.
ETH/USD opened at $2,856 after a slight bullish close yesterday. Later today, Ethereum moved lower to retrace some of the gain, indicating that bulls are preparing for another move higher over the next 24 hours.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,592 – $2,879, indicating a moderate amount of volatility. Trading volume has increased by 5.47 percent and totals $32.4 billion. The market cap trades around $305.6 billion.
ETH/USD 4-hour chart – ETH retraces from $2,900
On the 4-hour chart, we can see the market retracing over the past hours and preparing to make the final push above $2,900.
The overall market continues to recover from the downswing seen over the past weeks. After establishing initial support at $1,900, ETH/USD retraced and pushed lower again on the 23rd of May.
The final push lower set only a slightly lower low, indicating that bears are exhausted and we can expect ETH/USD to start reversing back to the upside. The first sign for the upcoming reversal is the retracement to the $2,200, which means that a higher low was set.
Therefore, once the $2,900 resistance breaks, a higher high will be established and the Ethereum price action structure will become even bullish once again.
However, currently, the best option is to wait for further Ethereum price action development in the form of a higher high and a following retracement.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as the market moved higher over the past few days and currently prepares for another push higher. Therefore, we expect ETH/USD to move higher over the next 24 hours and reach the next resistance at $3.200.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.