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Ethereum price analysis: ETH breaks $1,650 resistance, slowly prepares to push higher?

Ethereum Price analysis 2022 08 24
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD set higher local high yesterday.
  • Bullish momentum returned over the last hours.

Ethereum price analysis is bullish today as we have seen a strong higher local high set at $1,675 after a steady push higher. Therefore the slight retest of the downside seen today should offer a base from which to continue even higher over the next days.

Ethereum price analysis: ETH breaks $1,650 resistance, slowly prepares to push higher? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, declined by 0.2 percent, while Ethereum saw a slight increase of 0.73 percent. Meanwhile, the rest of the market has seen similar results.

Ethereum price movement in the last 24 hours: Ethereum continued to reverse

ETH/USD traded in a range of $1,610.10 to $1,666.68, indicating mild volatility over the last 24 hours. Trading volume has declined by 5.83 percent, totaling $17.18 billion, while the total market cap trades around $202.15 billion, resulting in a dominance of 19.56 percent.

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ETH/USD 4-hour chart: ETH looks to continue higher?

On the 4-hour chart, bullish momentum returns after a slightly higher local low was set over the past hours, indicating that further upside will soon follow.

Ethereum price analysis: ETH breaks $1,650 resistance, slowly prepares to push higher?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with a strong selling pressure over most of last week. A new swing low was eventually found at $1,550, with a reaction higher following to $1,650, where local resistance was retested.

Since then, a double bottom reversal was formed as ETH attempted to break even lower, however, it found support at $1,550 again. Since then, steady move back to the $1,650 resistance followed as a reversal attempt continued.

The next sign of reversal was a brief break above the $1,650 mark. Since a slightly higher local high was set, we can assume the current retest of the downside will provide a strong base from which to rally higher later in the week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen further signs of reversal from the strong push lower seen last week. Therefore, ETH/USD is ready to continue higher and look to push towards the next major resistance at $1,800.

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.

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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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