- Ethereum’s daily price analysis is bullish.
- ETH/USD slowly retraced over the last 24 hours.
- Found support around $2,600 for now.
Ethereum price analysis is bullish today as we expect a reversal to follow soon after the selling pressure slowed over the last 24 hours. Therefore, we expect ETH/USD to have found support around $2,600 and begin a reversal from this point.
The market has endured a bearish movement over the last 24 hours, with the market leader, Bitcoin, losing 4.26%, and Ethereum, 4.72%. Other top altcoins have also traded with similar results.
Ethereum price movement in the last 24 hours: Ethereum continues to retrace, momentum slows down
ETH/USD traded in a range of $2,589.55 – $2,723.83, indicating low volatility over the last 24 hours. Trading volume has increased by 19.86%, totaling $14.17 billion. Meanwhile, the total market cap trades around $314.8 billion, resulting in a market dominance of 18.51%.
ETH/USD 4-hour chart: ETH finds support at $2,600
On the 4-hour chart, we can see Ethereum show a slight reaction around the $2,600 mark after the retracement reduced over the last 24 hours.
The Ethereum price shows clear signs of recovery over the past week. After a series of higher lows were set earlier in the month, ETH/USD finally broke above the $2,700 previous major resistance.
On Tuesday, ETH peaked at around $2,800, establishing an impressive higher high, setting a strong bullish market structure. After some consolidation yesterday, it dropped during the second half of the day, leading to further retracement over the last 24 hours.
However, since the Ethereum price has seen a substantial retracement from the previous high, we expect another higher low to be set soon. Likely the $2,600 mark will have a good chance at reversing the market as it previously served as a local resistance. In this case, ETH/USD should see more upside by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect the current retracement to end soon. Therefore, ETH/USD could soon set another higher low and continue higher over the rest of the week.