Ethereum
$ 1,062.84 2.34%
Solana
$ 32.99 1.65%
Dogecoin
$ 0.065931 1.68%
ApeCoin
$ 4.59 3.50%
Bitcoin
$ 19,091.04 0.60%
BNB
$ 217.75 0.60%

Ethereum price analysis: ETH slwoly moves into consolidation above $2,000, further retracement incoming?

Ethereum Price analysis 2022 05 15
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD saw a higher local low set yesterday.
  • Bullish momentum returned overnight.

Ethereum price analysis is bullish today as we have seen failure to move any lower and steady return above the $2,000 support. Therefore, ETH/USD is likely headed even higher towards the $2,200 resistance.

Ethereum price analysis: ETH slwoly moves into consolidation above $2,000, further retracement incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has moved in the green over the last 24 hours. The leader, Bitcoin, gained 4.41 percent, while Ethereum gained 5.54 percent. Avalanche (AVAX) is the top performer, with an almost 16 percent gain.

Ethereum price movement in the last 24 hours: Ethereum fails to reach further downside

ETH/USD traded in a range of $1,956.57 to $2,088.81, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 26.46 percent, totaling $14.2 billion, while the total market cap trades around $250.7 billion, resulting in a dominance of 19.33 percent.

ETH/USD 4-hour chart: ETH looks to retrace further?

On the 4-hour chart, we can see bullish momentum returning overnight, indicating that Ethereum could retest the $2,200 major resistance next.

Ethereum price analysis: ETH moves into consolidation above $2,000, further retracement incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has continued to decline over the past weeks as another strong push lower took the market from $2,400 to $1,700 on Thursday. Therefore, the current several-week decline totals a loss of over 50 percent from the last major swing high at $3,580.

However, after the $1,700 mark was reached, ETH/USD did see a strong reaction higher. Likely, bulls are not yet done and even further upside will be tested after the current consolidation ends.

A key area where the next resistance could be found is located at the $2,200 previous support. From there, ETH will likely pivot lower again and continue moving towards the current swing low at $1,700.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish as we expect further retracement after failure to reach more downside yesterday. Likely ETH/USD will move to the $2,200 next major resistance and look to pivot from there early next week.

While waiting for Ethereum to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

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

Dogecoin price analysis: DOGE ends retrace at $0.068, ready to drop further?
“Bitcoin Is Dead” Rant Is Spreading Online. How Did It Begin, And What It Means For Gnox (GNOX), Bitcoin (BTC) And Solana (SOL) Investors
CFTC drags South African to court over $1.7 billion scam
Uniswap price analysis: Bearish candlesticks stretch out on the price chart denoting loss up to $4.84
Bitcoin, Ethereum, eCash, and Klaytn Daily Price Analyses – 2 July Roundup

Follow Us

Industry News

Three Arrows files for Chapter 15 bankruptcy in New York
KuCoin boss denies halting withdrawals
Crypto plunges to its worst in 11 years
CoinFlex CEO announces a shift in withdrawal date
Three Arrows could be liquidated due to the crypto market's bearish streak