- ETH moved lower overnight.
- Support found at $2,350.
- Resistance to break at $2,600.
Ethereum price analysis is bullish for today as the market retraced overnight and rejected further downside around $2,350. Therefore, we expect ETH/USD to move higher later today and try to breach the $2,600 current swing high. From there we can expect the overall market sentiment to turn even more bullish and push above the $2,900 next major resistance.
The overall market trades in the red over the last 24 hours as retracements were seen across the board. Bitcoin is down by 1.7 percent, while Ethereum by almost 3 percent. Rest of the altcoin market follows this pattern of bearish price action development.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,354 -$2,524, indicating a moderate amount of volatility. Trading volume has remained flat with $24 billion in total trading volume. Meanwhile, the total market cap stands at $284 billion, resulting in a market dominance of 17.45 percent.
ETH/USD 4-hour chart – ETH spikes to $2,350 overnight
On the 4-hour chart, we can see the Ethereum price action moving lower overnight to establish a high flow around $2,350. Likely this will result in a market reversal later today as bulls prepare to finally breach the $2,600 mark.
ETH/USD 15- minute chart
On the 15 minute chart we can see Ethereum making a spike to $2,350 earlier today, after which a strong rally to $2,435 established a slightly higher local high. From there, ETH/USD rallied further to the $2,460 mark, indicating that bulls are slowly regaining control and after another retracement we can expect a lot more upside over the following days.
The overall Ethereum price action structure is still neutral. Over the past weeks we have seen ETH/USD retest the $2,900 resistance for several times after setting increasingly higher low. Therefore, we can assume that the market still builds momentum from which to push higher later this summer.
Earlier this month we saw a quick spike lower to the $2,350 mark, with a following retracement finding resistance at $2,600. From there another slightly lower low was set at $2,300 and a following push higher retested the $2,600 mark again.
This means that Ethereum price has established a consolidation range over the past week. Once either the $2,600 resistance, or the $2,300 support area breaks, we will see a clear direction for the trend over the next weeks.
However, currently ETH/USD is still set to move sideways. Since the overall several month price action was bearish, we can assume that bears are exhausted and there is a bias for bullish market direction. This means that once the $2,600 mark breaks, we can look for a long position entry, with the expectation that the next resistance at $2,900 will be broken shortly after.
Alternatively, if the $2,300 support fails to hold, there is still the support fo last resort around $2,200. In case the $2,200 support breaks, the overall Ethereum price action will turn very bearish once again and we can expect further several week downside momentum to the $1,725 major swing low.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as the market moved lower overnight and established a higher low around $2,350. This should lead ETH/USD towards a reversal as we can predict from the 15 minute chart. Over the next few days, we expect Ethereum to break above the $2,640 swin high.
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