Ethereum
$ 1,247.20 2.07%
Solana
$ 41.76 0.07%
Dogecoin
$ 0.068867 1.37%
ApeCoin
$ 5.16 13.01%
Bitcoin
$ 21,483.00 0.59%
BNB
$ 239.69 0.50%

Ethereum price analysis: ETH tests $1,750, reversal to come next?

Ethereum Price analysis 2022 06 03
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD saw further downside tested earlier.
  • Support found at $1,750.

Ethereum price analysis is bullish today as we have seen consolidation and another brief spike lower over the last 24 hours. Since ETH/USD has rejected further downside again, we expect another rally to soon begin.

Ethereum price analysis: ETH tests $1,750, reversal to come next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, declined by 0.61 percent, while Ethereum by 1.81 percent. Meanwhile, Solana (SOL) has been the worst performer, with over 5 percent loss from the major altcoins.

Ethereum price movement in the last 24 hours: Ethereum fails to retrace, spikes lower again

ETH/USD traded in a range of $1,747.46 to $1,845.31, indicating mild volatility over the last 24 hours. Trading volume has declined by 25.73 percent, totaling $16.6 billion, while the total market cap trades around $212.975 billion, resulting in a dominance of 17.47 percent.

ETH/USD 4-hour chart: ETH rejects downside again

On the 4-hour chart, we can see Ethereum price preparing to move higher as the $1,750 offered further support.

Ethereum price analysis: ETH tests $1,750, reversal to come next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong volatility over the past week. After a strong recovery from the $1,700 low, a new swing lower high was set at $2,000.

From there, ETH/USD quickly moved back lower, setting a higher low at $1,800 on Wednesday. Consolidation followed, indicating that reversal is due next and bulls have regained control over the market.

However, upside did not follow, as Ethereum price broke lower again. This time, new local low was set at $1,750 before rejection for downside was seen again. Likely this price development will lead back to the upside over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen another brief retest of downside end with another rejection. Therefore, ETH/USD should head higher over the weekend and look to set another upswing.

While waiting for Ethereum to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.

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.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Ripple price analysis: XRP price consolidates below $0.36, but bulls are optimistic

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users