Ethereum Price Analysis: ETH established a support base above $2,450, ready for further highs?

TL;DR Breakdown

  • ETH retraced yesterday.
  • Support found around $2,450 overnight.
  • Ethereum prepares for another rally.

Ethereum price analysis is bullish for today as a new higher low was established overnight above the $2,450 mark. Therefore, we expect ETH/USD to begin moving higher later today and push towards the next major resistance at $2,900.

Ethereum Price Analysis: ETH established a support base above $2,450, ready for further highs? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bearish momentum over the last 24 hours. Bitcoin has decreased by 2 percent, while Ethereum by 0.54 percent. Cardano (ADA) is among the best performers, with a gain of 1.1 percent.

Ethereum price movement in the last 24 hours: Ethereum establishes another higher low

ETH/USD traded in a range of $2,454.56 – $2,538.08, indicating mild volatility over the last 24 hours. Meanwhile, the total trading volume has decreased by 19.45 percent and totals $18.68 billion. The total market capitalization stands around $290.3 billion, resulting in market dominance of 18.75 percent.

ETH/USD 4-hour chart: ETH prepares to rally?

On the 4-hour chart, we can see the Ethereum price preparing to push higher once more after consolidation above $2,450 overnight.

Ethereum Price Analysis: ETH established a support base above $2,450, ready for further highs?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action momentum has traded with a strong bullish momentum over the past weeks after the previous major support level around $1,725 was retested on the 20th of July. From there, ETH/USD rallied by more than 55 percent, with both the $2,400 and $2,600 resistance broken.

Over the weekend, ETH failed to reach further highs and was rejected from the $2,700 mark. This price action development resulted in another retracement yesterday, with the $2,450 mark preventing further downside overnight.

Therefore, Ethereum price has likely established another higher low and built a base from which to push higher later this week. The next target to the upside for ETH/USD is seen at the $2,900 mark, and if reached from the current price, it would mean a gain of around 17 percent.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the next days as another higher low got established over the last 24 hours. Therefore, we expect ETH/USD to start moving higher later today and reach towards the next resistance at $2,900 later this week.

While waiting for Ethereum to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

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: https://www.cryptopolitan.com/ethereum-price-analysis-2021-08-04/


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