- ETH moved higher yesterday.
- Resistance at $2,300 broken this morning.
- Retracement likely to follow later today.
Ethereum price analysis is bearish for today as the market set a higher high with a quick spike above $2,300, from which we will likely see retracement over the next 24 hours. Therefore, we expect ETH/USD to move lower towards the $2,000 over the next few days to set a higher low.
The overall market trades in the green over the last 24 hours. Bitcoin has gained 2 percent while Ethereum 4.2 percent. The rest of the market follows this pattern of slightly bullish results.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,190 – $2,342, indicating a moderate amount of volatility. Trading volume has remained relatively flat and totals $19 billion. Meanwhile, the total market cap stands at around $269.3 billion, resulting in a market dominance of 18.4 percent.
ETH/USD 4-hour chart – ETH ready to retrace?
On the 4-hour chart, we can see the Ethereum price spiking above the $2,300 mark over the past hours and currently preparing to retrace some of the gains.
The overall market still trades with a bearish price action development. Earlier this month we saw ETH/USD move lower from the $2,900 previous significant resistance, resulting in a loss of 40 percent.
Support was finally established around $1,725 and retested a couple of days later. From there, ETH/USD finally pushed higher earlier this week until the $2,300 resistance, which previously acted as strong support, was reached.
After a retracement of Thursday to the $2,000 mark, Ethereum price set a higher low and made another push higher over the last 24 hours. A slightly higher high was set above the $2,300 mark over the past hours, likely indicating that the overall week-long momentum is now exhausted.
Therefore, we can expect ETH/USD to reverse back to the downside later today and start heading towards the $1,900 support next to set a higher low. ETH/USD will likely lose even more if a further downside is seen and set another major lower swing low.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as the market set a higher high over the last hours and currently prepares to retrace lower. This should lead ETH towards another higher low set, and further upside move attempt next week.
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