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Ethereum price analysis: ETH looks to set a strong higher low at $1,175?

Ethereum

www.cryptopolitan.com 08 July 2022 14:43, UTC
  
Reading time: ~2 m

Ethereum price analysis is bullish today as we expect retrace to soon end and another local higher low to be set above the $1,175 previous resistance. From there, ETH/USD should attempt to break the $1,250 resistance and set further higher highs.

Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.77 percent, while Ethereum gained 0.43 percent. The rest of the top altcoins traded with similar, slightly bullish results.

Ethereum price movement in the last 24 hours: Ethereum fails to break above the previous swing high

ETH/USD traded in a range of $1,193.29 to $1,262.89, indicating average volatility over the last 24 hours. Trading volume has increased by 36 percent, totaling $17.445 billion, while the total market cap trades around $146 billion, resulting in a dominance of 15.52 percent.

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

The 4-hour chart shows a mild retrace over the past hours targeting previous resistance turned support at $1,175. Once ETH/USD tests it, we expect a higher local low to be set and further upside to follow from there.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a steady retrace end at the end of June, with a new swing low set at the $1,000 mark. After some consolidation, ETH/USD started to push higher and set the initial higher local high at $1,175.

From there, a quick retrace and another push higher followed on Wednesday, leading to the $1,250 resistance late yesterday. Therefore, the previous swing high is currently tested, with failure to break higher just yet.

Most likely, the current quick reaction lower will soon serve as the basis for another attempt to push higher. Previous resistance at $1,175 should serve as a support and reversal point over the next 24 hours. 

In case the Ethereum price holds it, we expect another push higher to follow over the weekend. When the $1,250 resistance is broken, ETH/USD will have room for a lot more upside towards the $1,450 resistance.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish as we have seen substantial retracement already set, likely leading to a reversal back to the upside later today. From there, ETH/USD should continue to make attempts to break the previous swing high and continue towards the next major resistance at $1,450 later in July.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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.

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