- ETH moved higher overnight.
- Resistance around $2,200 to be tested.
- Market likely to reverse early next week.
Ethereum price analysis indicates bullish momentum to follow later today as the $2,200 mark is currently targeted. Therefore, ETH/USD will likely see some further upside over the next 24 hours to the $2,200 mark, with a reversal likely made early next week.
The cryptocurrency market trades in the green over the last 24 hours as Bitcoin and Ethereum have both rallied by more than 4 percent. The rest of the top altcoins follow this pattern, with Polkadot (DOT) being among the best performers as it has gained more than 7.5 percent.
Ethereum price movement in the last 24 hours: Ethereum spikes above $2,100
ETH/USD traded in a range of $2,000.44 – $2,169.76, indicating a strong amount of volatility over the last 24 hours. Trading volume has decreased by 5.67 percent and totals $15.5 billion, while the total market capitalization trades around $252.65 billion, resulting in market dominance of 18.19 percent.
ETH/USD 4-hour chart: ETH targets $2,200 next?
On the 4-hour chart, we can see the Ethereum price rapidly advancing towards the next resistance around $2,200.
The overall Ethereum price action structure still indicates bearish momentum over the past month. After ETH/USD set a lower swing high around $2,400, the market declined by almost 30 percent and retested the previous significant swing low around $1,725.
From the $1,725 low, ETH started to advance rapidly and broke previous support turned resistance levels at $2,000 and $2,100. What followed was further upside overnight, leading to a total gain of around 25 percent without a strong retracement. This price action development means that bulls are likely exhausted, and we are not likely to see much further upside over the next few days.
However, the $2,200 will likely be tested before bears take over control early next week. Therefore, we expect more upside over the next 24 hours to the $2,200 mark. From the $2,200 mark, however, Ethereum price will likely start to decline once again and try to finally set a higher swing low above the $1,725 level.
Ethereum Price Analysis: Conclusion
Ethereum price analysis indicates further upside to be seen over the next 24 hours as bulls target the $2,200 resistance next. From there, we expect ETH/USD to decline in price and start setting another medium-term swing low.
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