- ETH failed to set further highs yesterday.
- ETH/USD retraced overnight.
- Support around $2,400 yet to be tested.
Ethereum price analysis is bullish for today as a retracement was seen overnight back towards the previous resistance area around $2,400. Therefore, we expect ETH/USD to reverse later today and move towards further highs from there.
The cryptocurrency market traded with a loss over the last 24 hours as a strong decline was seen overnight across the board. Market leader, Bitcoin, has lost 2.76 percent, while Ethereum has around 4.3 percent. Polkadot (DOT) is among the worst performers with a loss of almost 6 percent.
Ethereum price movement in the last 24 hours: Ethereum retraces from $2,700 high
ETH/USD traded in a range of $2,449.35 – $2,665.73, indicating mild volatility over the last 24 hours. Trading volume has remained unchanged and still totals around $23.13 billion. Meanwhile, the total market capitalization trades around $291.6 billion, resulting in market dominance of 18.7 percent.
ETH/USD 4-hour chart: ETH ready for another push higher?
On the 4-hour chart, we can see the Ethereum price retracing overnight to retest the $2,400 previous resistance in preparation for further upside.
Ethereum price action has traded with a strong bullish momentum over the last weeks after support around $1,725 was retested on the 20th of July. Since then, ETH/USD has rallied by around 55 percent to the $2,700 high.
Yesterday, ETH struggled to reach further highs and started to consolidate around the $2,600 mark. From there, the Ethereum price started to retrace overnight and has already reached the $2,400 previous resistance, which should act as a support.
Overall, this means that Ethereum should reverse once again over the next 24 hours and look to reach further highs later this week. The next upside target is located around the $2,900 mark and would mean a further gain of around 15 percent later this week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the next 24 hours as another higher low currently is being set after a retracement overnight. Therefore, we expect ETH/USD to reverse later today and start heading towards further highs over the next 24 hours, with the next major resistance target around $2,900.
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