- ETH continued moving higher overnight.
- Bulls continue targeting the $2,200 resistance.
- More downside likely to be seen latest this week.
Ethereum price analysis is bullish for today as the market continues pushing towards the $2,200 resistance. Once it is reached, we can expect ETH/USD to attempt another push lower and set a lower low around $1,550.
Cryptocurrency heat map. Source: Coin360
The overall market trades with a strong bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 4 percent, while Ethereum almost 9 percent. The rest of the cryptocurrency market follows this trend of bullish price action.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $1,981 – $2,165, indicating a good amount of volatility over the last 24 hours. Trading volume has increased by 19 percent and totals $25.5 billion, while the total market capitalization stands at around $251.6 billion.
ETH/USD 4-hour chart – ETH targets $2,200 next?
On the 4-hour chart, we can see the Ethereum price moving higher overnight as bulls continue targeting the $2,200 previous significant support.
ETH/USD 4-hour chart. Source: TradingView
The overall several-week price action structure is still very bearish. After Ethereum established a low of around $1,725 on the 22nd of June, the market could not move any lower. After a retest of the $1,725 support, Ethereum price started pushing higher yesterday with the $2,200 previous support/resistance level as the target.
Overnight ETH/USD saw a continuation higher as bulls are still in control over the market. Therefore, we expect ETH to reach the $2,200 mark over the next hours. Once the $2,200 resistance is reached, Ethereum should form a consolidation base over the next 24 hours. From there, we can expect ETH/USD to move lower again.
The next target to the downside is seen at around $1,550, which would mean a loss of around 30 percent if reached from the current price. Additional support might be provided by the $1,725 price level.
If Ethereum finds strong support there, we could see the overall bearish momentum start to reverse over the following weeks. However, for now, we remain bearish medium-term and expect further downside later this week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the upcoming hours as bulls still look to retest the $2,200 previous support as resistance after a strong rally over the past days. However, once the $2,200 mark is reached, we expect another several days movement lower along the current bearish trend.
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