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Ethereum price analysis: Ethereum continues moving towards $2,200 resistance, reversal later this week? 

Ethereum Price analysis

TL;DR Breakdown

  • 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.

Ethereum price analysis: Ethereum continues moving towards $2,200 resistance, reversal later this week?  1

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.

Ethereum price analysis: Ethereum continues moving towards $2,200 resistance, reversal later this week?

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.

While waiting for Ethereum to reach $2,200, read our guides on DeFi advantages, Bitcoin fees, as well as what you can 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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