The price of Ethereum climbed above $2,200 on Friday, in a second day of gains that pushed it back to over $2,200 – the highest price seen since late January. Ethereum prices have been on a roller-coaster ride since hitting their lowest in January, and the gains extend a recovery in prices that has seen the cryptocurrency rise around 20% since the start of the year.
Bitcoin (BTC) remains in a double-bottom formation since the end of July. The price has been range-bound between $2,000 and $2,200 for over a month. As the chart above shows, the formation has already been tested both on the downside and upside, and the price has remained above the $2,200 level during both occasions.
Prices for Ethereum have been rising sharply over the past 24 hours, with the price now trading at $2,220 per coin. This is a 4.5% increase from yesterday’s opening price of $2,156, and is the most bullish Ethereum price analysis since the end of January.. Read more about eth news today and let us know what you think.Summary of the situation
- ETH broke back above $2,200 yesterday.
- ETH/USD diverged lower this morning.
- The bulls are likely to make another attempt to rise.
Ethereum’s price analysis is bullish for the coming hours, as it made a slightly higher high last night and saw another pullback in recent hours. Therefore, we can expect the ETH/USD to make another attempt to move higher today. Ethereum should start falling before the end of the week if a lower high is reached.
If we look at the price evolution of Ethereum over the last few weeks, we can see that the overall trend remains downward. After repeatedly failing to break above the $2,900 resistance level, ETH underwent a 40% pullback to the $1,725 low, which had previously served as solid support.
Ethereum then made a double reversal and began to rise earlier this week. The earlier resistance at $2,200 was quickly broken and the market consolidated around the support at $2,100 early yesterday. Then a new rise broke above the $2,200 level and reached a slightly higher high just below resistance at $2,300.
In recent hours, Ethereum has fallen back to the $2,100 support level. Therefore, we can assume that the market still wants to go up. But the bulls have probably run out of power. This development in price action should lead to further upward momentum in the coming hours.
If the previous local high is not reached and ETH/USD sets a lower high, we expect the market to move lower and set a new swing low in the medium term, with the next support at $2,000.
Ethereum Price Analysis: Supplement
Ethereum price analysis for the next few hours is bullish, as the market set a slightly higher high below the $2,300 level and quickly pulled back to the $2,100 level. This should lead to another attempt to rise in the coming hours, after which we will see where ETH/USD moves next.
In anticipation of Ethereum’s rise, read our guides on betting on Cardano, how to cash in bitcoin and how to buy bitcoin stocks.
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