Ethereum price analysis is bullish today as we have seen strong support found at $1,800. Therefore, the current consolidation should turn into a push higher over the next days, likely leading to another push higher.
The overall market has mostly traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, lost 0.43 and 1.73 percent, respectively. Meanwhile, the rest of the market follows close by.
Ethereum price movement in the last 24 hours: Ethereum finds higher low as decline stops
ETH/USD traded in a range of $1,776.05 to $1,859.26, indicating strong volatility over the last 24 hours. Trading volume has increased by 10.34 percent, totaling $19.8 billion, while the total market cap trades around $221 billion, resulting in a dominance of 17.7 percent.
ETH/USD 4-hour chart: ETH ready to push higher?
On the 4-hour chart, we can see a clear base formed since yesterday, indicating that a higher low is set and Ethereum price is ready to rally further.
Ethereum price action strong upsurge over the weekend. From the last swing low at $1,700, ETH/USD gained over 18 percent until the $2,000 major resistance.
A higher-high was not set, but the strong retrace does indicate that the market sentiment could soon switch. Therefore, the current downside needs to stop at the $1,800 current support that was reached yesterday.
If Ethereum starts pushing higher and breaks past the $2,000 resistance, we can expect a lot more upside later in June. However, if another low high is set, the market structure will likely continue breaking down and reaching past the $1,700 current swing low.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong higher low set at the $1,800 mark after a retracement of over 10 percent. Therefore, ETH/USD is ready to reverse and continue towards setting further highs over the rest of the week.
While waiting for Ethereum to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.