- ETH almost retested the $2,500 mark overnight.
- Support at $2,200 still holds.
- Next price target at $2,900.
Ethereum price analysis is bullish for today as the market failed to breach the $2,200 support and bulls have established a base from which to push ETH higher next week. Therefore, we can expect the $2,900 to be tested by the end of last week.
The overall market trades with mixed results. Bitcoin is up by 1.1 percent, while Ethereum trades with a small loss. Rest of the market follows this pattern of various results.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,312 – $2,447, indicating a moderate amount of volatility. Trading volume has decreased by 10 percent and totals $24 billion. Meanwhile, the total market cap trades around $275.5 billion, resulting in a market dominance of 18 percent.
ETH/USD 4-hour chart – ETH still holds support
On the 4-hour chart, we can see the Ethereum price failing to move lower, indicating an upcoming move towards the $2,900 resistance.
The overall market momentum is neutral over the past weeks. After Ethereum retraced by more than 60 percent in May, bulls rejected further downside around the $1,725 mark. From there, ETH established a clear resistance at $2,900, which has been retested several times already.
Therefore, until Ethereum price can move above the $2,900 resistance, we predict that the market will move sideways. The first sign of bulls taking over control would be a move above the last minor swing high at $2,600. However, this would not be a clear enough signal to enter a long position.
As we can see over the past days, ETH/USD retested support above the $2,200 mark several times. This means that bears are unable to push the market any lower and we can expect ETH/USD to start trending higher over the next few days to break the $2,900 mark.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as the market retested further downside around $2,300 for the third time over the past days and still could not move any lower. Therefore, we expect ETH/USD to push higher over the next 24 hours and try to breach the next resistance at the $2,900 mark next week.
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.