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.
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.
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.