Ethereum
$ 1,059.97 0.18%
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$ 32.96 0.92%
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Ethereum price analysis: ETH bounces from $2,000, swift push higher next?

Ethereum Price analysis 2022 05 17
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD saw a higher low set at $2,000 yesterday.
  • Bullish momentum returned overnight.

Ethereum price analysis is bullish today as we have seen a higher low set at $2,000 and another push higher since. Therefore, we expect the $2,200 resistance to be reached soon and another higher high set.

Ethereum price analysis: ETH bounces from $2,000, swift push higher next? 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 3.02 and 4.8 percent, respectively. Meanwhile, SOL, AVAX, and ADA, among others, have gained over 7 percent.

Ethereum price movement in the last 24 hours: Ethereum continued to retrace

ETH/USD traded in a range of $1,988.81 to $2,098.58, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.87 percent, totaling $18.66 billion, while the total market cap trades around $253.6 billion, resulting in market dominance of 19.29 percent.

ETH/USD 4-hour chart: ETH pushing higher again

On the 4-hour chart, we can see the Ethereum price rapidly moving towards the $2,200 resistance as another higher low was set late yesterday, and retracement still continues.

Ethereum price analysis: ETH bounces from $2,000, push higher next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action found strong support at the $1,700 mark last week, leading to an immediate reaction higher over the weekend. The following test of downside set a strong higher low and was followed by a further push higher.

Therefore, ETH is still in a retracement, and more upside can be expected later this week. The first obvious target is the $2,200 mark, which previously served as strong support.

However, once reached, Ethereum price could pivot lower again and look to move towards the $1,700 current swing low. If a higher low gets set above the swing low, a much more substantial reversal could follow by the end of Mat.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as the market has resumed its advance this morning after the $2,000 mark offered strong support. Therefore, ETH/USD is ready to push even higher and move to the $2,200 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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