ETH price analysis: ETH fails to break $2,900, set to retrace again?
2 min readTL;DR Breakdown
- ETH ready to move lower.
- Resistance at $2,900.
- Closest support at $2,200
ETH price analysis is bearish for today as the market failed to breach the $2,900 resistance yesterday. Later another slight retracement and push higher was seen, resulting in a bearish price action structure over the past 24 hours.
The overall market trades with a small loss over the last 24 hours. The market leader, BTC is down by 3.6 percent, while ETH is down by 1.15 percent. Among the best performers is Solana (SOL), which is up by 7.27 percent.
ETH/USD opened at $2,961 after a bearish close yesterday. Since then, the ETH price has moved even lower and looks to retest the $2,500 support/resistance level.
ETH price movement in the last 24 hours
ETH/USD traded in a range of $2,562 – $2,817, indicating a moderate amount of volatility. Trading volume has decreased by 4.72 percent and totals $30 billion. Meanwhile, the total market cap stands at $304.6 billion, resulting in a market dominance of 18.7 percent.
ETH/USD 4-hour chart – ETH resists $2,900
On the 4-hour chart, we can see ETH/USD failing to move higher overnight and currently declining in price again
The overall market continues to recover after a severe bearish move from the $4,400 all-time high to the $1,725 support.
From there, the ETH price action could not move any lower and started regaining some of the loss and eventually set a higher low at the $2,200 mark on the 29th.Therefore, the market momentum starts to shift to the upside and we can expect ETH/USD to move higher later this month.
However, first, ETH price has to break the previous swing high at $2,900. Since the market currently struggles to break higher, we expect the ETH price to break lower again and establish a higher swing low of around $2,500.
Once support around $2,500 is established, ETH/USD should start pushing higher to finally break the $2,500 mark. Once ETH breaks the resistance, we should see further rally over the next weeks as bulls try to finally reach towards the previous all-time high of $4,400.
ETH Price Analysis: Conclusion
ETH price analysis is bearish as the market failed to move above the $2,900 resistance and currently prepares for another retracement lower. Therefore, we expect ETH to set a lower low over the next 24 hours, indicating further downside next week.
While waiting for further ETH price action development, read our guides on ETH mining pools, mining software, and ETH Classic.
Disclaimer. The information provided is not trading advice. Cryptopolitan.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.
