- ETH continued to retrace overnight.
- Support around $2,000 currently tested.
- Next major upside target at $2,600.
Ethereum price analysis is bullish for today as the market has retraced towards the $2,000 mark and bulls prepare to push ETH/USD higher over the weekend.
The overall cryptocurrency market trades in the red over the last 24 hours. Bitcoin has declined by 1 percent, while Ethereum around 3.4 percent. The rest of the altcoin market follows this pattern of slight bearish results.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,022 – $2,144, indicating a moderate amount of volatility. Trading volume has decreased by 13.5 percent and totals $25.2 billion. The total market cap stands at around $238 billion, resulting in a market dominance of 17.58 percent.
ETH/USD 4-hour chart – ETH tests $2,000 support
On the 4-hour chart, we can see the Ethereum price moving lower to test the $2,000 support over the past 24 hours, indicating further upside incoming later today.
The overall market trades in the red over the last weeks. After finding resistance around $2,900, ETH/USD moved lower over the next weeks until the $1,725 support. Later last week, ETH/USD retested the $1,725 support again and saw a sharp rally higher to the $2,300 mark.
From there, ETH retraced over the last 24 hours until support was found around the $2,000 mark, where resistance was previously seen. This price action development should lead ETH/USD higher over the weekend towards the $2,600 resistance.
If the $2,600 is reached from the $2,000 support, a gain of over 28 percent would be set, and would further send a signal across the market that we can see a lot more upside over the following weeks.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the upcoming days as the market has retraced enough over the last 24 hours to prepare for another push higher. Therefore, we can expect ETH/USD to push above the $2,300 resistance over the next 24 hours and move higher from there.
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