- 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.
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 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.