- ETH tested the $1,900 mark overnight.
- Market prepares to push higher.
- Next target at $2,200.
Ethereum price analysis is bullish for today as the market prepares to rally higher after a retest of the $1,900 price level as a support. Therefore, we expect ETH/USD to move towards the $2,200 resistance over the next few days.
The overall market trades with mixed results over the last 24 hours. Bitcoin has lost 0.79 percent, while Ethereum 2.17 percent. Cardano (ADA) is among the best performers with a gain of 6.6 percent.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $1,887 – $2,037, indicating a moderate amount of volatility. Trading volume has decreased by 37.3 percent and totals $21.2 billion. The total market cap stands at $228.7 billion, resulting in market dominance of 16.74 percent.
ETH/USD 4-hour chart – ETH prepares to spike higher?
On the 4-hour chart, we can see the Ethereum price preparing a base from which to move higher today.
Overall Ethereum price action structure is still bearish as the market retraced over the past weeks from the $2,900 previous major swing high. After ETH/USD retested the $2,900 resistance several times, the market moved back to the $2,200 support area.
However, after a failure to move above $2,600 on the 14th of June, ETH spiked lower and moved to retest the previous major swing low at $1,725. From there, a strong rejection was set and the market started to reverse from there.
The first sign of reversal was seen yesterday as ETH spiked back above the $1,900 mark. After some retracement overnight to the $1,900 mark, a local higher low was established. Therefore, we can expect the Ethereum price to move higher over the next few days and try to retest the $2,200 previous major support level, which now will likely act as a resistance.
If ETH/USD can break above the $2,200 resistance, we can expect a lot more upside over the following days, with the $2,600 resistance to be breached next.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as we saw a slight upswing yesterday and a higher low set around the $1,900 mark overnight. This should lead ETH/USD towards further highs over the next 24 hours, with the next target at $2,200.
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