Ethereum price analysis 20th September 2022

Today’s Ethereum price analysis is bullish as in the last 24 hours we saw a sharp drop to the $1,300 level followed by a reaction higher in the last few hours. Therefore, we expect ETH/USD to continue higher and return to the $1400 resistance.

The market has been in the red for 24 hours. The best performing Bitcoin lost 4% while Ethereum lost over 6%. Meanwhile, other markets are trading with similar selling pressure.

Ethereum price movement in the last 24 hours: Ethereum is down another 12 percent
ETH/USD is trading in a range of $1,287.42 to $1,424.14, indicating strong volatility in the last 24 hours. Trading volume increased 108.93 percent to a total of $21.5 billion, while the total market capitalization stood at about $164.3 billion, resulting in market dominance of 17.75 percent.

ETH/USD 4-hour chart: ETH ready to make a comeback?
Looking at the 4 hours chart, we can see a return of the bullish momentum over the last few hours, potentially leading Ethereum price action to quickly retest the previous $1,400 support as resistance.

Ethereum price analysis 20th September 2022

Ethereum price action has been on the decline for more than a week since its last major rally to $1,800. After finding initial support near $1,550 last week, ETH/USD has failed to extend higher, confirming further selling pressure.

Another drop was seen on Thursday when ETH dropped to the $1400 support level. From there, the upward reaction returns to a small one, which slowly leads to another axis on the down side.

Selling pressure increased yesterday, sending Ethereum price action up more than 12 percent to the next major support at $1,300. Given the sharp decline over the last 24 hours, we expect ETH/USD to trend higher in the coming days.

Ethereum Price Analysis: Conclusion

Today’s Ethereum price analysis is bullish as we see a strong bottom at $1300 and a clear reaction to the upside over the last few hours. Hence, we expect ETH/USD to continue higher overnight, retesting previous lows as resistance before further price action later in the week.