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Ethereum Price Analysis: ETH spikes to $3,800, ready for a reversal?

Ethereum Price analysis

TL;DR Breakdown

  • 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.

Ethereum Price Analysis: ETH spikes to $3,800, ready for a reversal? 1
Cryptocurrency heat map. Source: Coin360

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.

Ethereum Price Analysis: ETH spikes to $3,800, ready for a reversal?
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for Ethereum to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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