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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.

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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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