The Ethereum blockchain is now a decade old. It started its life as a system for building decentralized applications. However, it’s now here to stay and has spread beyond the development world. In 2017, Ethereum was recognized to be one of the 10 most innovative companies in the world, and it is already being used by the financial sector as a foundational layer for applications like stablecoins, crypto-securities and more.
This past week the Ethereum price was all over the place, ranging from $1,700 to $2,000. A few days ago, the price was around $2,000, but it’s been rising steadily since last weekend. Ethereum is currently trading at around $2,100, which means it is slowly consolidating around that number. We predict that within the next few days, the price of Ethereum will rise to the $2,250-$2,300 area.
TL;DR Breakdown- 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.
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.
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.
Ethereum Price Analysis: 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.
Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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