ETH Price Analysis: ETH moves higher overnight, aims to retest $2,400 resistance?
2 min readTL;DR Breakdown
- ETH continued to rally overnight.
- Closest resistance at $2,400.
- Next major support at $2,000.
ETH price analysis is bullish for today as further upside was seen over the last 24 hours and bulls likely aim to retest the $2,400 mark again. Therefore, ETH/USD should continue slowly trading higher and prepare for a much more substantial reversal over the next weeks.
The overall cryptocurrency market trades in the green over the last 24 hours. BTC is up by 5.74 percent, while ETH is around 2.25 percent. Ripple (XRP) is among the best performers with a gain of 15.47 percent.
ETH price movement in the last 24 hours: ETH moves to retest $2,400
ETH/USD traded in a range of $2,209.08 – $2,333.67, indicating mild volatility over the last 24 hours. Trading volume has decreased by 12.4 percent and totals $21.85 billion. Meanwhile, the total market capitalization stands around 269 billion, resulting in market dominance of 17.36 percent.
ETH/USD 4-hour chart: ETH prepares for a reversal?
On the 4-hour chart, we can see the ETH price moving higher over the last 24 hours as bulls want to retest the $2,400 resistance.
ETH price traded within a strong bullish momentum over the past few days. After finding support around $1,725 on the 20th of July, ETH/USD started to rally and gained more than 40 percent above the $2,400 previous swing high.
Therefore, ETH has retested both the previous swing high and swing low, which means that the market momentum is neutral. After retesting the $2,400 resistance, ETH/USD retraced on Monday and started to slowly head higher again.
This price action development has resulted in a more than 24-hour upside momentum as bulls want to retest the previous swing high. In case a lower high is set, ETH price will signal that another medium-term downswing will be seen over the next weeks and the $1,725 major support is to be tested next.
ETH Price Analysis: Conclusion
ETH price analysis indicates further upside momentum to be seen later today as the $2,400 mark is likely to be retested. From there, we expect ETH/USD to reverse and start moving lower over the next weeks.
While waiting for ETH to retest $2,400 resistance, read our guides on BTC fees, DeFi advantages, as well as what can you buy with BTC.
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.
