HomeEthereumEthereum price analysis: ETH swiftly retests $1,200, further upside overnight?

Ethereum price analysis: ETH swiftly retests $1,200, further upside overnight?


Ethereum price analysis is bullish today as we can see a higher low set at the $1,200 mark. Therefore, ETH/USD should be ready to continue even higher and move towards the $1,400 next resistance.

Ethereum price analysis: ETH swiftly retests $1,200, further upside overnight?
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost almost 4 percent, while Ethereum by 4.46 percent. The rest of the market has traded with even more substantial selling pressure.

Ethereum price movement in the last 24 hours: Ethereum failed to move past $1,350

ETH/USD traded in a range of $1,211.33 to $1,341.79, indicating substantial volatility over the last 24 hours. Trading volume has declined by 38.26 percent, totaling $22.55 billion, while the total market cap traded around $154.15 million, resulting in market dominance of 18.09 percent.

ETH/USD 4-hour chart: ETH looks to continue higher?

On the 4-hour chart, we can see a slightly higher low set after reaction from the $1,200 support, indicating that further upside will follow overnight.

Ethereum price analysis: ETH swiftly retests $1,200, further upside overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a rapid decline over the past week as the $1,650 resistance prevented further upside. After several days of selling, ETH/USD dropped as low as the $1,100 support.

From there, a slight reaction higher followed, with further upside reached yesterday to the $1,350 resistance. ETH pivoted lower from there, attempting to set another higher local low.

Over the past hours, Ethereum price action has set a higher low at $1,200 as the swift reaction higher over the past hours indicates more upside will follow over the weekend. Likely we will see bullish momentum return overnight, leading to another wave higher.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen retrace to set higher local low after failing to move above $1,350 yesterday. Therefore, ETH/USD is ready to continue even higher and looks to push toward the $1,400 resistance next.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.

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.


Please enter your comment!
Please enter your name here


Uniswap price analysis: Bearish market conditions caused UNI’s value to dip down to $6.16

Uniswap price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the...

Bybit announces second round of layoffs in 2022 to survive bear market

Ben Zhou, the co-founder and CEO of Bybit, announced a reorganization plan amid a prolonged bear market, which involves a steep reduction in...

Cardano price analysis: ADA/USD Price rises to $0.3207, which demonstrates bullish strength

Cardano price analysis shows the bulls have set a firm uptrend as prices spiked by 0.59 percent in the last 24-hour period to reach...

Can BudBlockz Unseat Big Crypto Players Like the Sandbox and Decentraland?

The Sandbox and Decentraland took crypto by storm in 2021, leading the GameFi charge and securing market caps of between $5 and $10 billion...

Most Popular