in

Ethereum Price Analysis: ETH retests $2,900 major resistance as a support, prepares to rally further?

Cryptopolitan


TL;DR Breakdown

  • ETH retraced yesterday.
  • $2,900 mark retested as support overnight.
  • Ethereum is ready for further upside.

Ethereum price analysis is bullish for today as the $2,900 previous major resistance was retested as support with clear rejection for further downside. Therefore, we expect ETH/USD to continue pushing higher later today and try to set further highs this week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin is up by 1 percent, while Ethereum has lost 1.47 percent. The rest of the top altcoins follow ETH with a slight loss.

Ethereum price movement in the last 24 hours: Ethereum retests the $2,900 mark as support

ETH/USD traded in a range of $2,900.93 – $3,148.81, indicating mild volatility over the last 24 hours. Trading volume has decreased by 9.87 percent and totals $29.2 billion. Meanwhile, the total market capitalization stands around $357.8 billion, resulting in market dominance of 19.67 percent.

ETH/USD 4-hour chart: ready for further highs?

On the 4-hour chart, we can see the Ethereum price starting to move higher, which should result in further highs reached over the next 24 hours.

Ethereum Price Analysis: ETH retests $2,900 major resistance as a support, prepares to rally further?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with a strong bullish momentum over the past weeks. After ETH/USD found support at the $1,725 previous major support level, the market advanced rapidly.

At the end of July, ETH broke past the previous high of $2,400 and continued to push higher to the $2,900 next significant resistance level. On the 7th of August, the $2,900 resistance was breached with strong momentum, indicating that the market structure has turned bullish once again.

Resistance was found around the $3,200 mark yesterday. Overnight, ETH/USD retraced as bears wanted to retest the $2,900 significant resistance as support. Since further downside was not seen and ETH started to move higher again over the past hours, we expect further upside to follow later today as Ethereum targets the $3,600 mark next.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the upcoming days as support was found around the $2,900 mark, and any further downside was rejected over the past hours. Therefore, we expect ETH/USD to rally higher later today and try to reach the $3,600 resistance next.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Baby Doge Billionaire keeps rising: 222% rally for BABYDB

Baby Doge Billionaire keeps rising: 222% rally for BABYDB

Cryptopolitan

Poloniex exchange agree to pay $10m fine