Ethereum price analysis: ETH retests $2,600 as support, higher low set? 

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD retraced to $2,600 support.
• Rejection for further downside seen over the last hours.

Ethereum price analysis is bullish today as we have seen strong retracement that likely has set a higher low around $2,600 previous support/resistance area. Therefore, ETH/USD should reverse and see more upside tested over the next days.

The overall market has turned bearish over the last 24 hours. The leader, Bitcoin, lost 7.87 percent, while Ethereum followed with a loss of 5.83 percent. The rest of the top altcoins have all seen similar bearish movements.

Ethereum price movement in the last 24 hours: Ethereum quickly drops 7 percent, looks to set higher low

ETH/USD traded in a range of $2,566.19 – $2,755.01, indicating strong volatility over the last 24 hours. Trading volume has declined by 11.85 percent, totaling $14.28 billion, while the total market cap trades around $312 billion, resulting in a dominance of 17.86 percent.

ETH/USD 4-hour chart: ETH looks to reverse?

On the 4-hour chart, Ethereum price can be seen rejecting further downside as of now, likely leading to more upside over the next 24 hours.

Ethereum price action has seen a rapid decline over the past week. After the initial drop to $2,600, more downside was tested over the weekend and on Monday, leading to a new swing low set at $2,440.

From there, slow reversal played out, eventually leading to a spike to $2,750, which could indicate the overall momentum shifting back to being bullish. Therefore, it is crucial for the current retracement to set a strong higher low.

Currently, the Ethereum price seems to hold well around $2,600, indicating a reversal to the upside should follow. Once ETH/USD breaks another higher high, the market would clearly indicate that more upside can be expected later in the month.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a quick spike lower set a higher low around $2,600. Therefore, we expect ETH/USD to reverse and continue testing further upside over the next days.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.