- ETH moved lower overnight.
- Support at $2,200 still to be reached.
- Ethereum prepares to reverse.
Ethereum price analysis is bullish for today as the market established a slightly lower low overnight and currently prepares to retrace some of the loss. Therefore, we can expect ETH/USD to push higher over the next 24 hours.
The overall market trades in the red over the last 24 hours. Bitcoin is down by 7 percent, while Ethereum by 6 percent. Rest of the market follows this pattern with similar or worse results.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,265 – $2,484, indicating a moderate amount of volatility. Trading volume has decreased by 5.6 percent and totals $25.3 billion. Meanwhile, the total market cap trades at $268 billion, resulting in a market dominance of 18 percent.
ETH/USD 4-hour chart – ETH spiked lower overnight
On the 4-hour chart, we can see that Ethereum price action set a slight lower low overnight, with bulls preparing to reverse the market back to the upside as of now.
The overall market still trades within a several week bearish price action structure. After the current all-time high at $4,400 was set, ETH/USD retraced to the $1,725 mark where support was found and further downside heavily rejected.
From there, ETH/USD established a clear resistance level at $2,900, which has already been retested several times.This means that until the $2,900 resistance breaks, we can expect the market to trade in a continuously tighter range.
Yesterday, we saw ETH/USD move lower again as mentioned in our previous price prediction. Early in the morning a lower low was set, and the market started to reverse from there. Therefore, we can expect Ethereum price action to push higher later today and try to reach towards the $2,900 resistance again.
Additional resistance is seen around the $2,500-$2,600 area. If Ethereum reverses from there, we can expect the next support at $2,200 to break and further downside to be seen over the next week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as bears are struggling to set a strong lower low and we can expect ETH to push higher over the next 24 hours. Next target is located at the $2,900 mark, which when broken will send a clear signal that bulls have taken over.
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