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Ethereum price analysis: ETH slowly retests $2,025, retrace incoming next week?

Ethereum Price analysis 2022 08 14
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD retested the previous high this morning.
  • Selling pressure slowly returns.

Ethereum price analysis is bearish today as we have seen a failure to move any higher after a brief test of the previous high. Therefore, ETH/USD is likely ready to reverse and start heading back lower early next week.

Ethereum price analysis: ETH slowly retests $2,025, retrace incoming next week? 1
Cryptocurrency heat map. Source: Coin360

The market traded with mixed results over the last 24 hours. The leader, Bitcoin, gained 0.2 percent, while Ethereum traded slightly in the red. Meanwhile, one of the top altcoins, Dogecoin, was among the day’s top performers, with almost a 6 percent gain.

Ethereum price movement in the last 24 hours: Ethereum continued to consolidate around $2,000

ETH/USD traded between $1,973.41 to $2,022.79, indicating mild volatility over the last 24 hours. Trading volume has declined by 30 percent, totaling $12.9 billion, while the total market cap trades around $241.56 billion, resulting in a dominance of 20.57 percent.

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ETH/USD 4-hour chart: ETH ready to retrace?

The 4-hour chart shows a failure to move any higher as the consolidation continues, indicating that bears should soon take over the momentum.

Ethereum price analysis: ETH retests upside at $2,025, retrace incoming early next week?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with strong bullish momentum over the last 24 hours. From the last higher low that was set at the beginning of the week, ETH/USD quickly gained over 20 percent, indicating strong momentum in the market.

Additionally, ETH established a strong resistance of around $1,900 during the middle of the week as consolidation formed for over 24 hours. However, retrace did not follow from there, sending ETH even higher on Friday.

This time, the next major resistance at $2,000 was tested. Further upside could not be reached, moving Ethereum price action to form consolidation ever since. This means that another strong swing high has been set, and a retrace can be expected over the next days before further attempts to push higher can be expected.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen strong respect for the $2,000 major resistance over the last 24 hours. Therefore, ETH/USD should soon reverse and look to retrace back towards the previous major price level at $1,900.

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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