- ETH moved higher yesterday.
- Local high set around $2,600.
- Next support target at $2,200.
Ethereum price analysis is bearish for today as the market moved to $2,600 resistance and could not move any higher. Therefore, we can expect ETH/USD to spike lower later today and retest support at the $2,200 mark.
The overall market trades in the green today as bulls pushed higher overnight. Bitcoin is up by 7.45 and Ethereum is up by 2.35 percent. Rest of the altcoin market follows this pattern of moderate gains over the last 24 hours.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,457 – $2,625, indicating a moderate amount of volatility. Trading volume has decreased by 12.43 percent and totals $32.6 billion. Meanwhile, the total market cap trades at $294.7 billion, resulting in a market dominance of 18.61 percent.
ETH/USD 4-hour chart – retraces to $2,600 overnight
On the 4-hour chart, we can see ETH/USD retracing some of the loss seen over the past days as the market prepares for another push lower later this week.
The overall market trades with a bearish momentum over the past weeks. After a retracement of over 60 percent, the market spiked higher and established a strong resistance at the $2,900 mark. From there, the following move lower established a clear higher low at the $2,200 mark, meaning that bulls are slowly regaining control.
During the last days of May, the Ethereum price moved higher and the $2,900 resistance was retested once again. This means that the market currently trades in an increasingly tighter range to form a base from which to move higher over the following months.
Over the past days, Ethereum retraced again to the $2,300 mark and established a local base yesterday. Overnight the market started moving higher again and moved back above the $2,500 mark.
However, since a lower high was set, the market price action structure over the past days has turned bearish again. If ETH fails to set further high later today, we can expect another poush lower over the next few days to the next support at the $2,200.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish as the market has retracted over the past 24 hours and a lower high has been established. This price action development indicates that we will see further downside over the next 24 hours as bears prepare to test the $2,200 support.
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