- 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 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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