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Ethereum price analysis: Ethereum slowly moves back above $1,900, prepares to spike higher? 

Ethereum Price analysis

TL;DR Breakdown

  • 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.

Ethereum price analysis: Ethereum slowly moves back above $1,900, prepares to spike higher?  1
Cryptocurrency heat map. Source: Coin360

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.

Ethereum price analysis: Ethereum moves back above $1,900, prepares to spike higher?
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for Ethereum price to move higher, read our guides on advantages of DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.

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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