Ethereum price analysis: ETH slows down at $2,600, another higher low set? 

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD slowly retraced over the last 24 hours.
• Support found around $2,600 for now.

Ethereum price analysis is bullish today as we expect a reversal to follow soon after selling pressure has seen a slowdown over the last 24 hours. Therefore, we expect ETH/USD to have found support around $2,600 and start reversing from there.

The market has seen bearish momentum continue over the last 24 hours. The market leader, Bitcoin, has lost 4.26 percent, while Ethereum 4.72 percent. Rest of the top altcoins have traded with similar results.

Ethereum price movement in the last 24 hours: Ethereum continues to retrace, momentum slows down

ETH/USD traded in a range of $2,589.55 – $2,723.83, indicating low volatility over the last 24 hours. Trading volume has increased by 19.86 percent, totaling $14.17 billion. Meanwhile, the total market cap trades around $314.8 billion, resulting in a market dominance of 18.51 percent.

ETH/USD 4-hour chart: ETH finds support at $2,600

On the 4-hour chart, we can see the Ethereum price showing slight reaction around the $2,600 mark after the retracement slowed down over the last 24 hours.

Ethereum price has shown clear signs of recovery over the past week. After a series of higher lows were set earlier in the month, ETH/USD finally boke above the $2,700 previous major resistance.

On Tuesday, ETH peaked at around $2,800, establishing a strong higher high, meaning a strong bullish market structure has been formed. After some consolidation yesterday, a quick drop lower was seen during the second half of the day, leading to further retracement over the last 24 hours.

However, since the Ethereum price has seen a substantial retracement from the previous high, we expect another higher low to be set soon. Likely the $2,600 mark will have a good chance at reversing the market as it previously served as a local resistance. In this case, ETH/USD should see more upside by the end of the week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we expect the current retracement to end soon. Therefore, ETH/USD could soon set another higher low and continue higher over the rest of the week.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.