- ETH established a higher low yesterday.
- Market price returned above $2,500 over the past hours.
- Next resistance at $2,900.
Ethereum price analysis is bullish for today as the market has established a higher low and prepares to move towards the next resistance at $2,900 later this week.
The overall market trades in the green over the last 24 hours as bulls pushed higher overnight. Bitcoin is up by 4.38 percent, while Ethereum by almost 2 percent. Solana (SOL) is among the best performers with a gain of over 18.76 percent.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,315 – $2,554, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 6.86 percent and totals $38.4 billion. Meanwhile, the total market cap stands at $295.2 billion, resulting in a market dominance of 19.16 percent.
ETH/USD 4-hour chart – ETH prepares to move above $2,900?
On the 4-hour chart, we can see that Ethereum price action has established a base from which to move higher later this week.
The overall market trades in a bearish momentum over the past weeks. After setting a new all-time high at $4,400, ETH/USD retraced more than 60 percent until bears could not push any lower at the $1,725 mark.
From there, ETH/USD showed first signs of recovery with the $2,900 mark retested as a resistance. After a move lower, ETH/USD set a higher low and moved to retest the $2,900 mark for the third time.
On Monday, ETH/USD retraced again and spiked below $2,500, until support was found at the $2,350 mark. Therefore, another higher low has been established and we can expect Ethereum to move higher later this week.
Next target is located around the $3,200 mark, meaning a potential gain of over 25 percent if reached from the current market price. Move to the $3,200 mark would also mean that Ethereum has become even more bullish and the market will see a lot more upside over the next weeks.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as a new higher low was set yesterday and a base is being established from which to move higher over the next few days. Therefore, we expect ETH to breach above the $2,900 resistance and set a higher high at the $3,200 mark by the end of the week.
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