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$ 1,178.93 0.67%
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Ethereum price analysis: ETH reaches further upside, retests $2,000 support

Ethereum Price analysis 2022 05 16
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD moved above $2,150 overnight.
  • Support at $2,000 was tested this morning.

Ethereum price analysis is bullish today as we expect another higher low to be set at the $2,000, opening the way for another rally over the next days. Therefore, ETH/USD should retrace even more and move towards the $2,200 resistance.

Ethereum price analysis: ETH reaches further upside, retests $2,000 support 1
Cryptocurrency heat map. Source: Coin360

The market has moved slightly in the red during the last 24 hours. The leader, Bitcoin, lost 0.66 percent, while Ethereum a more substantial 2.14 percent. Meanwhile, some of the altcoins such as SOL, ADA, and DOT trade slightly in the green.

Ethereum price movement in the last 24 hours: Ethereum sets a slightly higher local high, drops to $2,000

ETH/USD traded in a range of $1,996.71 to $2,147.19, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 48.56 percent, totaling $20.7 billion, while the total market cap trades around $243.63 billion, resulting in a dominance of 19.11 percent.

ETH/USD 4-hour chart: ETH finds support at $2,000

On the 4-hour chart, we can see another higher local low currently being set, indicating that more upside will soon follow.

Ethereum price analysis: ETH reaches further upside, retests $2,000 support
ETH/USD 4-hour chart. Source: TradingView

Ethereumn price action saw a strong new low set at $1,700 late last week after another strong push lower. However, a quick reaction higher followed to the $2,150 mark, setting a strong lower high.

Therefore, further decline was expected over the weekend. ETH/USD only managed to move as low as the $1,950 mark before returning higher yesterday.

Eventually, a higher local high was set, indicating that bears were not ready to take over the momentum. Overnight, a momentum shift took Ethereum back to $2000 support, meaning that another higher local low is currently being set.

If further downside does not follow, ETH/USD should soon reach the $2,200 next major resistance. From there, a reversal back to the downside is highly likely.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we expect the $2,000 mark to offer enough support to reverse the market again. Therefore, ETH/USD should head towards the $2,200 next major resistance over the next 24 hours.

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.

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