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Ethereum price analysis: ETH fails to pivot, breaks above $2,050 previous high

Ethereum Price analysis 2022 05 23
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD continued to push higher overnight.
  • Higher high was set at $2,100.

Ethereum price analysis is bullish today as we have seen further upside slowly reached and high local high set at $2,100. Therefore, the first sign of bullish momentum has been set, and we can expect ETH/USD to push even higher later in the day.

Ethereum price analysis: ETH fails to pivot, breaks above $2,050 previous high 1
Cryptocurrency heat map. Source: Coin360

The market has continued to stay in the green over the last 24 hours as bears failed to return. The leader, Bitcoin, gained 1.22 percent, while Ethereum gained 2.19 percent. Meanwhile, the rest of the top altcoins have gained slightly more.

Ethereum price movement in the last 24 hours: Ethereum tests $2,100 as buying pressure continues

ETH/USD traded in a range of $1,993.98 to $2,080.33, indicating mild volatility over the last 24 hours. Trading volume has increased by 34.98 percent, totaling $13.18 billion, while the total market cap trades around $249.38 billion, resulting in a dominance of 19.13.

ETH/USD 4-hour chart: ETH looks to break $2,100?

On the 4-hour chart, we can see bullish momentum still strong as a higher high has been set overnight, and momentum has not slowed down.

Ethereum price analysis: ETH fails to pivot, breaks above $2,050 previous high
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen signals of a downturn over the past days as several lower local highs were set. However, after a bounce from $1,900 major support, ETH/USD set another higher local low at $1,920 on Friday.

From there, ETH began a steady advance towards the previous local high. Overnight it was broken, leading to the $2,090, with the momentum still strong.

Likely Ethereum will move even higher and look to reach further upside, which would be an even stronger sign of bullish momentum. However, we might see retracement to quickly set a higher local low before further upside is reached later in the week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen further upside tested and yet no signs of a slowdown. Therefore, ETH/USD should attempt to break the $2,100 mark 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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