- ETH retraced yesterday.
- Support found around $2,450 overnight.
- Ethereum prepares for another rally.
Ethereum price analysis is bullish for today as a new higher low was established overnight above the $2,450 mark. Therefore, we expect ETH/USD to begin moving higher later today and push towards the next major resistance at $2,900.
The cryptocurrency market traded with a bearish momentum over the last 24 hours. Bitcoin has decreased by 2 percent, while Ethereum by 0.54 percent. Cardano (ADA) is among the best performers, with a gain of 1.1 percent.
Ethereum price movement in the last 24 hours: Ethereum establishes another higher low
ETH/USD traded in a range of $2,454.56 – $2,538.08, indicating mild volatility over the last 24 hours. Meanwhile, the total trading volume has decreased by 19.45 percent and totals $18.68 billion. The total market capitalization stands around $290.3 billion, resulting in market dominance of 18.75 percent.
ETH/USD 4-hour chart: ETH prepares to rally?
On the 4-hour chart, we can see the Ethereum price preparing to push higher once more after consolidation above $2,450 overnight.
Ethereum price action momentum has traded with a strong bullish momentum over the past weeks after the previous major support level around $1,725 was retested on the 20th of July. From there, ETH/USD rallied by more than 55 percent, with both the $2,400 and $2,600 resistance broken.
Over the weekend, ETH failed to reach further highs and was rejected from the $2,700 mark. This price action development resulted in another retracement yesterday, with the $2,450 mark preventing further downside overnight.
Therefore, Ethereum price has likely established another higher low and built a base from which to push higher later this week. The next target to the upside for ETH/USD is seen at the $2,900 mark, and if reached from the current price, it would mean a gain of around 17 percent.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the next days as another higher low got established over the last 24 hours. Therefore, we expect ETH/USD to start moving higher later today and reach towards the next resistance at $2,900 later this week.
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