- Ethereum price analysis is bullish for today.
- ETH/USD spikes to $3,000 support overnight.
- Ethereum is likely to retest previous highs later today.
Ethereum price analysis indicates bullish price action to follow over the next 24 hours as a rapid decline to the $3,000 mark was seen overnight, where support was found. Therefore, we expect ETH/USD to rally higher later today and look to regain some of the loss.
The cryptocurrency market traded in the red over the last 24 hours as the market leader, Bitcoin, declined by 3.41 percent. Meanwhile, Ethereum is among the worst performers, with a loss of 6.2 percent.
Ethereum price movement in the last 24 hours: Ethereum declined to $3,000 support
ETH/USD traded in a range of $2,959.03 – $3,277.74, indicating mild volatility over the last 24 hours. Trading volume has increased by 10.66 percent and totals $25.91 billion. Meanwhile, the total market capitalization trades around $356.67 billion, resulting in market dominance of 18.57 percent.
ETH/USD 4-hour chart: ETH set to regain some of the loss
On the 4-hour chart, we can see the Ethereum price action rejecting further upside, indicating an upcoming reversal.
Ethereum price action has seen a substantial increase over the last month. Since establishing another swing low at the $1,725 previous major support, ETH/USD has rallied by more than 90 percent to the $3,300 mark.
Previous swing highs around $2,400 and $2,900 were broken over the past weeks, indicating a reversal in the overall bearish price action structure over the past months. However, over the past week, the Ethereum price action lacked the momentum to move higher.
This price action development has resulted in consolidation below the $3,300 resistance. Since Ethereum could not reach further upside, a rapid decline was finally seen yesterday. ETH/USD retraced to the $3,000, where support was found, indicating that we can expect another push higher later today back to the $3,300 mark.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as support was found around the $3,000 mark overnight after a rapid decline. Since further downside was rejected, we expect ETH/USD to rally back towards the $3,300 resistance later this week.
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