Ethereum price analysis is bullish today as we have seen a higher low set at $2,000 and another push higher since. Therefore, we expect the $2,200 resistance to be reached soon and another higher high set.
Cryptocurrency heat map. Source: Coin360
The market has seen bullish momentum return over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 3.02 and 4.8 percent, respectively. Meanwhile, SOL, AVAX, and ADA, among others, have gained over 7 percent.
Ethereum price movement in the last 24 hours: Ethereum continued to retrace
ETH/USD traded in a range of $1,988.81 to $2,098.58, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.87 percent, totaling $18.66 billion, while the total market cap trades around $253.6 billion, resulting in market dominance of 19.29 percent.
ETH/USD 4-hour chart: ETH pushing higher again
On the 4-hour chart, we can see the Ethereum price rapidly moving towards the $2,200 resistance as another higher low was set late yesterday, and retracement still continues.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action found strong support at the $1,700 mark last week, leading to an immediate reaction higher over the weekend. The following test of downside set a strong higher low and was followed by a further push higher.
Therefore, ETH is still in a retracement, and more upside can be expected later this week. The first obvious target is the $2,200 mark, which previously served as strong support.
However, once reached, Ethereum price could pivot lower again and look to move towards the $1,700 current swing low. If a higher low gets set above the swing low, a much more substantial reversal could follow by the end of Mat.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as the market has resumed its advance this morning after the $2,000 mark offered strong support. Therefore, ETH/USD is ready to push even higher and move to the $2,200 resistance over the next 24 hours.