- ETH moved above $2,200 again yesterday.
- ETH/USD rejected lower earlier today.
- Bulls likely to attempt another push higher.
Ethereum price analysis is bullish for the upcoming hours as a slightly higher high was set overnight, and another retracement was seen over the past hours. Therefore, we can expect ETH/USD to try to push high again later today. Ethereum should start heading lower over the rest of the week if a lower high is set.
The overall market trades in the red over the last 24 hours. Bitcoin has decreased by 4.4 percent while Ethereum 1.3 percent. The rest of the market follows this pattern of slight losses.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,093 – $2,282, indicating a good amount of volatility over the last 24 hours. Trading volume has spiked by 22.8 percent and totals $29.3 billion. The total market capitalization trades around $245.8 billion, resulting in market dominance of 17.84 percent.
ETH/USD 4-hour chart – ETH further upside still rejected
On the 4-hour chart, we can see the Ethereum price setting a slightly higher high overnight and currently retracing in preparation for another push higher later today.
Looking at the Ethereum price action over the past weeks, we can see that the overall trend is still bearish. After ETH failed to move above the $2,900 resistance several times, a retracement of over 40 percent was seen to the $1,725 low, which previously acted as strong support.
From there, Ethereum made a double bottom reversal and started pushing higher earlier this week. The $2,200 previous resistance was breached shortly, and the market consolidated around $2,100 support early yesterday. Later another spike higher was seen above the $2,200, setting a slightly higher high just below $2,300 resistance.
Over the past hours, Ethereum retraced lower again to the $2,100 support. Therefore, we can assume that the market still wants to move higher. However, bulls likely are exhausted. This price action development should lead to another push higher over the next hours.
If the previous local high is not reached, and ETH/USD sets a lower high, we expect the market to move to the downside and set another medium-term swing low, with the closest support located at the $2,000 mark.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the upcoming hours as the market set a slightly higher high below the $2,300 mark and swiftly retraced back to the $2,100 mark. This should lead to another attempt to move higher over the following hours, after which we will see where ETH/USD is headed next.
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