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Ethereum price analysis: Ethereum reached $2,600, retracement incoming? 

Ethereum price analysis

TL;DR Breakdown

  • 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 analysis: Ethereum reached $2,600, retracement incoming?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a small gain over the last 24 hours. Bitcoin is up by 2 percent, while Ethereum 4.6 percent. Polkadot and Matic are among the best performers with a gain of 15 percent.

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.

Ethereum price analysis: Ethereum reached $2,600, retracement incoming?
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for further Ethereum price action development, read our guides on how to trade Bitcoin, should i buy Bitcoin, and how to buy Bitcoin stock.

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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