Description
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 likely set a higher low around the $2,600 support/resistance level. Therefore, ETH/USD should reverse and move upward over the following days. … Read more
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 likely set a higher low around the $2,600 support/resistance level. Therefore, ETH/USD should reverse and move upward over the following 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 also endured 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 the $2,566.19 – $2,755.01 range, 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 sits around $312 billion, representing 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 through Monday, leading to a new swing low set at $2,440.
From there, we witnessed a slow reversal, eventually leading to a spike to $2,750, which could indicate the overall momentum shifting in the bullish direction. However, the current retracement must set a strong higher low to confirm this.
Currently, the price of Ethereum seems to hold well around $2,600, indicating a reversal to the upside should follow. Once ETH/USD breaks another higher high, this may be considered as an indication for more upward movement 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 the upside over the coming days.
While waiting for more Ethereum movement, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.
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