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Ethereum price analysis: ETH retraces to $1,550, ready for another test of $1,650?

Ethereum Price analysis 2022 09 03
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD saw a steady retrace overnight.
  • Support was found at $1,550.

Ethereum price analysis is bullish today as we expect another higher local low to be set due to slow selling over the past hours. Likely ETH/USD will look to rally once again and look to break past the $1,650  resistance.

Ethereum price analysis: ETH retraces to $1,550, ready for another test of $1,650? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.63 percent, while Ethereum over 5.38 percent. Meanwhile, the rest of the market traded with mixed but steady results.

Ethereum price movement in the last 24 hours: Ethereum retests previous lows

ETH/USD traded between $1,542.30 to $1,643.18, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.79 percent,  totaling $13.43 billion, while the total market cap trades around $189.47 billion, resulting in market dominance of 19.44 percent.

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ETH/USD 4-hour chart: ETH looks to reverse again?

The 4-hour chart shows slow momentum at the $1,550 mark, indicating that another higher local low will soon be set.

Ethereum price analysis: ETH retraces to $1,550, ready for another test of $1,650?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with a steady bullish momentum over the past week. After setting a new swing lower low at $1,425 support, ETH/USD quickly reversed, gaining over 10 percent.

From there, further upside was reached slowly as consolidation with a slightly upward trajectory began. Further local higher lows were set over the past days, eventually leading to another quick move higher to the $1,650 resistance.

Since then, Ethereum price has retraced as another local higher low needs to be set. Likely, ETH/USD will soon look to retest the previous local high at $1,650. If bearish momentum returns before the resistance is reached, we expect ETH to move for another downswing next week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a slow retrace towards the $1,550 support over the last hours. Therefore, ETH/USD should soon reverse and look to head back towards the previous high at $1,650.

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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