Cryptocurrency

Ethereum price analysis: ETH fails to break $1,900, slowly returns higher?


Ethereum price analysis is bullish today as we expect another attempt to break lower after a slightly higher low was set above $1,900. Therefore, ETH/USD could see a higher local high set, which could lead to another strong rally next week.

Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours as selling pressure returned. The leader, Bitcoin, lost 3.29 percent, while Ethereum over 3.52 percent. Avalanche (AVAX) is one of the worst performers of the day, with almost a 6 percent loss.

Ethereum price movement in the last 24 hours: Ethereum sets both lower high and higher local low

ETH/USD traded in a range of $1,926.68 to $1,989.39, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.07 percent, totaling $12.78 billion, while the total market cap trades around $238 billion, resulting in market dominance of 19 percent.

ETH/USD 4-hour chart: ETH on its way above $2,000?

On the 4-hour chart, we can see steady consolidation since late yesterday as a local higher low is set, indicating an incoming push higher later in the weekend.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price has failed to retrace further over the past week after the last local high was set at $2,150. From there, ETH/USD set a lower low at $1,900, indicating more downside should follow later in the week.

However, after another lower high was set at $2,050 yesterday, ETH failed to break even lower. Consolidation has followed since around $1,950, indicating that a push higher could soon follow.

If Ethereum price can recover above $2,000, we expect another rally to follow quickly. Once a higher local high is set, ETH/USD could move to the $2,200 major resistance yet to be reached.

Alternatively, ETH will consolidate further and break down even further, gaining momentum to return to the $1,700 major support.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen failure to break past $1,900 support and a slightly higher local low set overnight. Therefore, ETh/USD is ready to regain bullish momentum in an attempt to break past the $2,050 local high.

While waiting for Ethereum to move further, see our articles on how to buy BTT, Elongate, and CRO coins.