- ETH rallied once again overnight.
- Next resistance at $2,600 reached today.
- Market likely to start retracing later today.
Ethereum price analysis indicates bearish momentum to follow over the next 24 hours as the $2,600 resistance was reached and any further upside was rejected. Therefore, we expect ETH/USD to reverse later today and look to retest the $2,400 previous resistance as support.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin has remained relatively flat with a small gain of 0.18 percent. Meanwhile, Ethereum has been among the best performers, with a gain of $5.71 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies to $2,600
ETH/USD traded in a range of $2,434.87 – $2,635.49, indicating a good amount of volatility over the last 24 hours. Trading volume has slightly increased by 3.6 percent and totals $19.38 billion. Meanwhile, the total market capitalization stands around $304 billion, resulting in market dominance of 18.32 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
On the 4-hour chart, we can see Ethereum price rejecting further upside, which should lead towards a retest of $2,400 previous resistance over the next few days.
Ethereum price action has seen substantial gain over the last week. After retesting the previous major support level around $1,725, ETH/USD started to rally on the 20th of July. Since then, we have seen a gain of over 50 percent, with the $2,400 previous swing high resistance broken.
Therefore, the overall price action structure has become bullish once again. However, as another spike higher was seen overnight, we can assume that ETH/USD is currently overextended, and a retracement is needed over the next few days.
The first obvious target of support for the retracement is located around the same previous resistance of $2,400. If Ethereum price respects this support, we can expect a lot more eupside to follow over the next week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis indicates bearish momentum to follow over the next 24 hours as the next resistance level around $2,600 was reached, and further upside is rejected. Therefore, we expect ETH/USD to reverse and set another higher low around the $2,400 previous resistance.
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