Ethereum price analysis: ETH slowly consolidates around $2,100, push higher today?

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  • ETH retested the $2,200 mark yesterday.
  • ETH/USD continues to consolidate.
  • Market should see a reversal today.

Ethereum price analysis is bullish for today as the market has set a higher low over the last 24 hours and bulls prepare to push the market higher. Therefore, we expect another attempt to break the $2,200 resistance and move towards the $2,300 mark from there.

Ethereum price analysis: ETH slowly consolidates around $2,100, push higher today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin is down by 0.27 percent while Ethereum 0.46 percent. Rest of the top altcoins trade with similar performance.  

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,081 – $2,155, indicating mild volatility. Trading volume has decreased by 28.8 percent and totals $15.5 billion. The total market capitalization stands around $246.8 billion, resulting in market dominance of 17.71 percent.

ETH/USD 4-hour chart – ETH prepare to push higher?

On the 4-hour chart, we can see the Ethereum price establishing a base from which to move higher next week.

Ethereum price analysis: ETH continues to consolidate around $2,100, push higher today?
ETH/USD 4-hour chart. Source: TradingView

The overall market trades in a bullish momentum over the past weeks after a low was established around $1,725 support. Earlier this week, ETH/USD made a slightly higher high around $2,400, indicating that the market momentum has shifted and we could see another several-week retracement later this month.

Currently, Ethereum has set another higher low around $2,100, and established a clear consolidation overnight. This price action development likely indicates that bulls are prepared to push the Ethereum price higher again.

Once ETH/USD starts pushing higher again, we can expect the $2,400 to provide a lot of resistance. Potentially, this will result in a lower high set for Ethereum and another decline from there.

Conclusion 

Ethereum price analysis is bullish for today as a clear higher low has been set and the market established a base from which to push higher. Therefore, we expect ETH/USD to break above the $2,200 mark next and push towards the previous swing high at $2,400.

While waiting for Ethereum to move higher, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Source: cryptopolitan.com

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