- ETH moved high yesterday and reached the $2,200 mark.
- Market moved sideways over the past hours.
- Another attempt to push higher expected.
Ethereum price analysis is bullish for today as the market established a higher low yesterday and moved to test the $2,200 previous support. Therefore, we can expect ETH/USD to spike higher over the next 24 hours to retrace even more.
The overall market trades in the green over the last 24 hours. Bitcoin has increased by 2.46 percent while Ethereum 0.68 percent. The rest of the major altcoins follow this pattern of slightly bullish results.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,066 – $2,190, indicating a moderate amount of volatility. Trading volume has remained flat at around $21.7 billion. Meanwhile, the total market capitalization stands around 247.4 billion, resulting in market dominance of 17.67 percent.
ETH/USD 4-hour chart – ETH prepares to push higher again?
On the 4-hour chart, we can see the Ethereum price action establishing a slightly higher low from which to move higher later today.
Ethereum price still attempts to regain some of the loss seen in June after support was established around $1,725. From there, ETH/USD moved higher again and reached the $2,400 mark over the following weeks.
However, since only a slightly lower high was set, we can assume that Ethereum has lost its momentum and further downside can be expected over the next weeks. Yesterday we saw ETH/USD set a higher low around $2,100, which will likely result in another push higher over the following days.
When considering that the previous swing high was only slightly higher, we could see a lower high finally set and Ethereum move lower from there. Likely ETH/USD will find resistance around the $2,300 mark and pivot lower from there.
In this case, the next major downside target is located around the $2,000 mark, and if reached, will likely send Ethereum into a low more downside later this month.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as the market looks to regain some of the loss seen over the past few days. The next resistance target is located around $2,300 and could serve as the area where a lower high is set as the several-day bullish momentum has turned bearish again.
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