Ethereum price analysis is bullish today as we have seen a strong advance towards the next major resistance at $2,000 after retracement failed yesterday. Therefore, we expect ETH/USD to continue even higher and look to reach further upside.
Cryptocurrency heat map. Source: Coin360
The market has traded with steady bullish momentum over the last 24 hours. The leader, Bitcoin, gained 2.93 percent, while Ethereum gained 5.41 percent as it was one of the day’s top performers.
Ethereum price movement in the last 24 hours: Ethereum fails to retrace, continues higher
ETH/USD traded in a range of $1,878.17 to $2,013.76, indicating substantial volatility over the last 24 hours. Trading volume has increased by just 3.59 percent totaling $18.48, indicating a lack of selling in the market. Meanwhile, the total market cap trades at around $241.96 billion, resulting in market dominance of 20.62 percent.
ETH/USD 4-hour chart: ETH retest downside before another move higher?
On the 4-hour chart, we can see a slight reaction lower from the $2,000 resistance, indicating that the Ethereum price might soon attempt to move even higher.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen bullish momentum return over the past week. After a retest of the previous major resistance at $1,800, ETH/USD quickly retraced and set another higher local low.
From there, ETH started to advance rapidly, quickly reaching back to its previous high and breaking past it without not much hesitation. Further upside followed to the $1,900 mark, where consolidation was formed on Thursday.
However, retrace did not follow as Ethereum price pushed even higher late yesterday. This time, the $2,000 mark was quickly reached, with no strong reaction lower seen since. Likely this means that we can expect further upside to be tested soon.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong push higher again and a slight reaction lower over the past hours. Therefore, we expect ETH/USD to attempt another move higher later in the weekend.