Ethereum price analysis is bullish today as we expect the current retest of downside to end with a strong push higher over the next days. Therefore, ETH/USD is likely headed above $2,100 and will set a higher high from there.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours despite a slight test of downside overnight. The leader, Bitcoin, gained 2.77 percent, while Ethereum 2.06 percent. The rest of the market follows with even better results.
Ethereum price movement in the last 24 hours: Ethereum prepares another higher low for a rally
ETH/USD traded in a range of $1,930.65 to $2,014.37, indicating mild volatility over the last 24 hours. Trading volume has declined by 4.29 percent, totaling $14 billion, while the total market cap trades around $238.7 billion, resulting in a dominance of 18.79 percent.
ETH/USD 4-hour chart: ETH ready to rally?
On the 4-hour chart, we can see Ethereum price setting another higher local low, indicating that push higher should soon follow.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has continued to consolidate after a massive decline earlier this month ended with a new swing low at $1,700. From there, ETH/USD established resistance around the $2,100 to $2,150 area, which has since been retested several times.
During the start of this week, another local high was set at $2,100, indicating some bullish momentum. Additionally, we saw the $1,900 support clearly being rejected, meaning that a break lower is unlikely as of now.
Considering this Ethereum price action development, a rally higher should soon follow. Therefore, once ETH/USD returns above the $2,000 mark, a lot more upside could quickly follow by the end of this week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a slight retest of the downside over the past hours and a higher low currently formed. ETH/USD should continue higher from there and look to break past the $2,100 mark over the next days.