- ETH still bullish overnight.
- Resistance at $2,600 might reverse Ethereum today.
- Next support at $2,200.
Ethereum price analysis is bearish for the next 24 hours as the $2,600 resistance was reached overnight and further upside is still rejected. Therefore, we expect ETH to retrace once more to test the $2,200 support.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,473 – $2,639, indicating a moderate amount of volatility. Trading volume has increased by 6.23 percent and totals $28.6 billion. Meanwhile, the total market cap stands at $303 billion, resulting in a market dominance of 17.47 percent.
ETH/USD 4-hour chart – ETH tests $2,600 resistance
On the 4-hour chart, we can see the Ethereum price action moving higher to test the $2,600 mark.
The overall market still trades with a slightly bearish price action. After retracing more than 60 percent from the last all-time high at $4,400, ETH/USD established a clear lowest low at $1,725, where a sharp rejection to the $2,900 resistance was made at the end of May.
From there, several retests of the $2,900 resistance have been made over the past weeks with an increasingly tighter range forming due to ETH/USD setting slightly higher lows each time. However, late last week, a lower low was set after a failure to move above the $2,600 resistance. This means that we could see the Ethereum price action reverse around this resistance again today.
If Ethereum can not move any lower, ETH/USD will spike to $2,200 support next. Alternatively, bulls will take control and push ETH/USD towards the next resistance at $2,900.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish as the $2,600 could reverse Ethereum and another retracement would take the market towards the $2,200 support. Therefore, we expect ETH to respect the $2,600 resistance again and establish another low, from which to push ETH higher.
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