Ethereum price analysis is bullish today as we have seen another push lower to the $1,700 major support. However, rejection is seen again, indicating that ETH/USD is headed higher over the weekend.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.22 percent, while Ethereum by 0.76 percent. Meanwhile, the rest of the market has moved with similar results.
Ethereum price movement in the last 24 hours: Ethereum reaches next major support
ETH/USD traded in a range of $1,727.49 to $1,891.37, indicating substantial volatility over the last 24 hours. Trading volume has increased by 37.62 percent, totaling $26.73 billion, while the total market cap trades around $218.65 billion, resulting in market dominance of 18.03 percent.
ETH/USD 4-hour chart: ETH looks to retest $1,900 again?
On the 4-hour chart, we can see a reaction higher after pushing to $1,700 earlier today, indicating that the $1,900 mark will be retested as resistance again.
Ethereum price action has seen bearish momentum return over the past days. After ETH consolidated above $1,900 at the beginning of the week, a sharp spike lower followed early on 26 May 2022.
ETH/USD quickly lost over and spiked as low as the $1,725 mark. From there, an immediate reaction higher followed late yesterday, retesting the $1,900 previous major support as resistance.
However, further upside did not follow as Ethereum price saw another decline overnight to today. New lows at $1,700 were finally reached, meaning that buying pressure has to return over the weekend.
Likely, ETH/USD will move back to $1,900 resistance and look to set a clear lower high. Once that is done, we expect a lot more downside next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a quick reaction to $1,900 and another drop, this time to $1,700 major support. Therefore, ETH/USD is ready for a further retracement, with the $1,900 being the first obvious target.