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Ethereum price analysis: ETH briefly breaks $1,900, ready to retrace?

Ethereum Price analysis 2022 08 11
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD has seen a strong rally over the past day.
  • Resistance at $1,900 is currently tested.

Ethereum price analysis is bearish today as we have seen a strong push higher above the $1,900 resistance being met with rejection lower. Therefore, ETH/USD is ready to retrace and look to retest previous resistance at $1,800 as support.

Ethereum price analysis: ETH briefly breaks $1,900, ready to retrace? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.59, while Ethereum by 3.41 percent. Meanwhile, the rest of the top altcoins followed close by.

Ethereum price movement in the last 24 hours: Ethereum sets a strong higher high

ETH/USD traded in a range of $1,809.68 to $1,905.44, indicating substantial volatility, while the total trading volume was $24.5 billion, up by 14.64 percent from yesterday. Meanwhile, the total market cap traded at around $231.58 billion, resulting in a market dominance of 20 percent.

ETH/USD 4-hour chart: ETH looks to retrace

On the 4-hour chart, we can see Ethereum price rejecting back below $1,900 resistance, likely leading back lower over the next days.

Ethereum price analysis: ETH briefly breaks $1,900, ready to retrace?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong higher low set at $1,680 and another push higher over the past few days. Previous resistance at $1,800 was broken in a strong way yesterday, indicating that more upside will follow.

Further upside followed overnight as ETH/USD targeted the $1,900 next resistance. During the middle of the day, bulls already had reached it, with a brief spike above ir later in the evening.

However, after a brief break higher, Ethereum price reached $1,950 before quickly reacting lower. Therefore, we expect ETH/USD to see a quick retrace over the next days to set another strong higher low before further upside follows.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we expect a retrace to follow after a strong higher high was set earlier today. Likely ETH/USD is now ready to retrace and move to retest previous support as resistance.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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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