- ETH continued to rally overnight.
- Closest resistance at $2,400.
- Next major support at $2,000.
Ethereum price analysis is bullish for today as further upside was seen over the last 24 hours and bulls likely aim to retest the $2,400 mark again. Therefore, ETH/USD should continue slowly trading higher and prepare for a much more substantial reversal over the next weeks.
The overall cryptocurrency market trades in the green over the last 24 hours. Bitcoin is up by 5.74 percent, while Ethereum is around 2.25 percent. Ripple (XRP) is among the best performers with a gain of 15.47 percent.
Ethereum price movement in the last 24 hours: Ethereum moves to retest $2,400
ETH/USD traded in a range of $2,209.08 – $2,333.67, indicating mild volatility over the last 24 hours. Trading volume has decreased by 12.4 percent and totals $21.85 billion. Meanwhile, the total market capitalization stands around 269 billion, resulting in market dominance of 17.36 percent.
ETH/USD 4-hour chart: ETH prepares for a reversal?
On the 4-hour chart, we can see the Ethereum price moving higher over the last 24 hours as bulls want to retest the $2,400 resistance.
Ethereum price traded within a strong bullish momentum over the past few days. After finding support around $1,725 on the 20th of July, ETH/USD started to rally and gained more than 40 percent above the $2,400 previous swing high.
Therefore, Ethereum has retested both the previous swing high and swing low, which means that the market momentum is neutral. After retesting the $2,400 resistance, ETH/USD retraced on Monday and started to slowly head higher again.
This price action development has resulted in a more than 24-hour upside momentum as bulls want to retest the previous swing high. In case a lower high is set, Ethereum price will signal that another medium-term downswing will be seen over the next weeks and the $1,725 major support is to be tested next.
Ethereum Price Analysis: Conclusion
Ethereum price analysis indicates further upside momentum to be seen later today as the $2,400 mark is likely to be retested. From there, we expect ETH/USD to reverse and start moving lower over the next weeks.
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