Bitcoin
$ 29,007.00 4.23%
Ethereum
$ 1,941.13 4.04%
Solana
$ 48.89 7.93%
Dogecoin
$ 0.083597 3.99%
ApeCoin
$ 7.62 6.32%
STEPN
$ 1.33 9.31%
Terra
$ 0.000130 11.15%

Ethereum price analysis: ETH swiftly recovers from the $1,725 low, looks to set another lower high?

Ethereum Price analysis 2022 05 13
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD saw strong rejection for downside yesterday.
  • Bullish momentum returning overnight.

Ethereum price analysis is bullish today as we have seen strong rejection from the $1,725 support. Therefore, ETH/USD should continue to recover and move towards the $2,200 resistance, which previously acted as support.

Ethereum price analysis: ETH swiftly recovers from the $1,725 low, looks to set another lower high? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a strong recovery over the last 24 hours. The leader, Bitcoin, gained over 7 percent, while Ethereum gained 9.2 percent. The rest of the top altcoins recovered even further.

Ethereum price movement in the last 24 hours: Ethereum consolidates and begins to retrace

ETH/USD traded in a range of $1,874.51 to $2,139.71, indicating strong volatility over the last 24 hours. Trading volume has declined by 42.42 percent, totaling $28.55 billion, while the total market cap trades around $258.22 billion, resulting in a dominance of 19.39 percent.

ETH/USD 4-hour chart: ETH looks to reclaim $2,200 next?

On the 4-hour chart, we can see steady retracement throughout the day, as bullish momentum has received. Ethereum price likely targets the $2,200 previous support to be retested as resistance.

Ethereum price analysis: ETH recovers from the $1,725 low, looks to set another lower high?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen a further decline over the past days. After support was found at $2,200 on Monday, ETH/USD moved into consolidation for more than 24 hours.

However, substantial retracement did not follow as the $2,500 mark could not be reached. Subsequently, ETH pushed even lower during the middle of the week, this time as low as the $1,725 mark.

Therefore, another strong lower low is set, indicating exhaustion for bears. Additionally, the sharp reaction higher late yesterday indicates that bulls are ready to take over the momentum and push Ethereum price higher over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen strong rejection for downside at the $1,725 mark. From there, ETH/USD has started to retrace, indicating that the several-day decline has ended for now.

While waiting for Ethereum to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Bitcoin, Ethereum, Shiba Inu, and FTX Token Daily Price Analyses – 19 May Roundup
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo 
Ripple price analysis: XRP/USD set to break higher in the next 24 hours
Vitalik Buterin reveals when Ethereum merge could happen

Follow Us

Industry News

Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo