logo

Ethereum Price Analysis: ETH continued to rally, targets $2,200 next?

Ethereum Price analysis

TL;DR Breakdown

  • ETH moved higher overnight.
  • Resistance around $2,200 to be tested.
  • Market likely to reverse early next week.

Ethereum price analysis indicates bullish momentum to follow later today as the $2,200 mark is currently targeted. Therefore, ETH/USD will likely see some further upside over the next 24 hours to the $2,200 mark, with a reversal likely made early next week.

Ethereum Price Analysis: ETH continued to rally, targets $2,200 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades in the green over the last 24 hours as Bitcoin and Ethereum have both rallied by more than 4 percent. The rest of the top altcoins follow this pattern, with Polkadot (DOT) being among the best performers as it has gained more than 7.5 percent.

Ethereum price movement in the last 24 hours: Ethereum spikes above $2,100

ETH/USD traded in a range of $2,000.44 – $2,169.76, indicating a strong amount of volatility over the last 24 hours. Trading volume has decreased by 5.67 percent and totals $15.5 billion, while the total market capitalization trades around $252.65 billion, resulting in market dominance of 18.19 percent.

ETH/USD 4-hour chart: ETH targets $2,200 next?

On the 4-hour chart, we can see the Ethereum price rapidly advancing towards the next resistance around $2,200.

Ethereum Price Analysis: ETH continues to rally, targets $2,200 next?
ETH/USD 4-hour chart. Source: TradingView

The overall Ethereum price action structure still indicates bearish momentum over the past month. After ETH/USD set a lower swing high around $2,400, the market declined by almost 30 percent and retested the previous significant swing low around $1,725.

From the $1,725 low, ETH started to advance rapidly and broke previous support turned resistance levels at $2,000 and $2,100. What followed was further upside overnight, leading to a total gain of around 25 percent without a strong retracement. This price action development means that bulls are likely exhausted, and we are not likely to see much further upside over the next few days.

However, the $2,200 will likely be tested before bears take over control early next week. Therefore, we expect more upside over the next 24 hours to the $2,200 mark. From the $2,200 mark, however, Ethereum price will likely start to decline once again and try to finally set a higher swing low above the $1,725 level.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis indicates further upside to be seen over the next 24 hours as bulls target the $2,200 resistance next. From there, we expect ETH/USD to decline in price and start setting another medium-term swing low. 

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

[wp-faq-schema title="FAQs" accordion=1]
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.

Related News

Hot Stories

Can the Web3 market hit $80 billion by 2030?
Solana price analysis: SOL declines in value to $33.7 after strong bearish trend
Contentos Vietnamese blockchain community launches NFT collection with the support of Contentos Foundation
NEO Price Prediction 2022-2031: Is it Good to Invest in NEO now?
HBAR Price Prediction 2022-2031: Hedera Hashgraph Soon to Retest its ATH?

Follow Us

Industry News

Can the Web3 market hit $80 billion by 2030?
NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?