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Ethereum price analysis: Ethereum fails to break $2,900, set to retrace again? 

Ethereum price analysis

TL;DR Breakdown

  • ETH ready to move lower.
  • Resistance at $2,900.
  • Closest support at $2,200

Ethereum price analysis is bearish for today as the market failed to breach the $2,900 resistance yesterday. Later another slight retracement and push higher was seen, resulting in a bearish price action structure over the past 24 hours.

Ethereum price analysis: Ethereum fails to break $2,900, set to retrace again?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a small loss over the last 24 hours. The market leader, Bitcoin is down by 3.6 percent, while Ethereum is down by 1.15 percent. Among the best performers is Solana (SOL), which is up by 7.27 percent. 

ETH/USD opened at $2,961 after a bearish close yesterday. Since then, the Ethereum price has moved even lower and looks to retest the $2,500 support/resistance level.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,562 – $2,817, indicating a moderate amount of volatility. Trading volume has decreased by 4.72 percent and totals $30 billion. Meanwhile, the total market cap stands at $304.6 billion, resulting in a market dominance of 18.7 percent.

ETH/USD 4-hour chart – ETH resists $2,900

On the 4-hour chart, we can see ETH/USD failing to move higher overnight and currently declining in price again

Ethereum price analysis: Ethereum fails to break $2,900, set to retrace again?
ETH/USD 4-hour chart. Source: TradingView

The overall market continues to recover after a severe bearish move from the $4,400 all-time high to the $1,725 support.

From there, the Ethereum price action could not move any lower and started regaining some of the loss and eventually set a higher low at the $2,200 mark on the 29th.Therefore, the market momentum starts to shift to the upside and we can expect ETH/USD to move higher later this month. 

However, first, Ethereum price has to break the previous swing high at $2,900. Since the market currently struggles to break higher, we expect the Ethereum price to break lower again and establish a higher swing low of around $2,500.

Once support around $2,500 is established, ETH/USD should start pushing higher to finally break the $2,500 mark. Once Ethereum breaks the resistance, we should see further rally over the next weeks as bulls try to finally reach towards the previous all-time high of $4,400.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish as the market failed to move above the $2,900 resistance and currently prepares for another retracement lower. Therefore, we expect Ethereum to set a lower low over the next 24 hours, indicating further downside next week.

While waiting for further Ethereum price action development, read our guides on Ethereum mining pools, mining software, and Ethereum Classic.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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