- Ethereum price analysis is bearish for today.
- ETH/USD spike to $3,800 late yesterday.
- Consolidation seen below $3,800 overnight.
Ethereum price analysis indicates bearish momentum to follow as bulls are exhausted after a spike to the $3,800 resistance yesterday. Therefore, we expect ETH/USD to retrace and likely head back towards to previous high to retest it as support.
The cryptocurrency market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.73 and 5.65 percent, respectively. Meanwhile, Dogecoin (DOGE) is among the best performers, with a gain of 7.66 percent.
Ethereum price movement in the last 24 hours: Ethereum xxx
ETH/USD traded in a range of $3,579.42 – $3,836.87, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.34 percent and totaled $27.3 billion, while the total market cap trades around $441.9 billion.
ETH/USD 4-hour chart: ETH set to retrace?
On the 4-hour chart, we can see the Ethereum price failing to reach further upside overnight, indicating an upcoming retracement.
The Ethereum price action saw a substantial advance over the last two days. After consolidating below the $3,300 resistance for several weeks, ETH/USD finally set a higher low around $3,100 on the 26th of August.
This was followed by further upside over the weekend and a following local higher high. On Monday, ETH started to advance rapidly and quickly moved back to the $3,300 resistance.
After some initial reaction, the $3,350 previous swing high was broken, with the next resistance at $3,600 reached shortly after. Ethereum`s momentum did not slow down late yesterday, with the market price eventually touching the $3,800 price mark. Since then, ETH/USD has consolidated and rejected further upside, indicating an upcoming several-day retracement.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as the market struggled to make further upside after a spike to the $3,800 mark yesterday. Therefore, we expect ETH/USD to reverse later today and look to retrace some of the gains.
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