Ethereum price analysis is bullish today as we have seen a strong reversal and push towards the $1,900 previous support. Therefore, if the current momentum continues, we expect ETh/USD to reach the $2,000 mark next.
Cryptocurrency heat map. Source: Coin360
The market has continued moving higher over the last 24 hours. The leader, Bitcoin, gained 4.45 percent, while Ethereum 5.65 percent. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum continues to rally with increasing force
ETH/USD traded in a range of $1,787.47 to $1,909.92, indicating strong volatility over the last 24 hours. Trading volume has increased by 31.33 percent, totaling $$14.986 billion, while the total market cap trades around $229.42 billion, resulting in market dominance of 18.1 percent.
ETH/USD 4-hour chart: ETH/USD targets $2,000 next?
On the 4-hour chart, we can see bullish momentum dominating over the last 24 hours and break above the $1,900 resistance opening the way for more upside.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has finally managed to reverse and began retracing previous loss. After clear support was found at $1,700 late last week, steady advance was seen over the weekend towards the $1,900 previous support.
Therefore, resistance could be found there if no further upside follows later in the day. However, considering the current momentum, we expect further upside to follow.
Likely, Ethereum’s price will target the $2,000 next resistance to set another major swing lower high. Another test of the downside could finally set a clear higher low, which would begin a much more substantial reversal of the current several-month decline.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a clear retrace from the previous low at $1,700 in progress since Saturday. After a strong push overnight, ETH/USD has reached towards the previous major support at $1,900, opening the way for more upside.
While waiting for Ethereum to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.