- Ethereum price analysis is bullish for today.
- ETH/USD saw another spike lower overnight.
- Ethereum is currently moving back towards $3,000.
Ethereum price analysis is bullish for today as another spike lower was seen overnight, with a strong rejection following. Therefore, we expect ETH/USD to rally today and look to return above $3,000.
The overall market traded in the red over the last 24 hours. Bitcoin lost 1.8 percent, while Ethereum declined by 3.79 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of almost 6 percent.
Ethereum price movement in the last 24 hours: Ethereum spiked to $2,640 support
ETH/USD traded in a range of $2,676.41 – $3,101.70, indicating large volatility over the last 24 hours. Trading volume has increased by 5.14 percent and totals $30.34 billion, while the total market capitalization trades around $344.5 billion, resulting in the market dominance of 18.41 percent.
ETH/USD 4-hour chart: ETH starts to recover
On the 4-hour chart, we can see the Ethereum price action pushing higher this morning as bulls want to return above the $3,000 mark.
Ethereum price action continues to trade in a bearish momentum this week. After an initial spike lower on the 7th of September, ETH/USD established support around $3,100-$3,200.
After some sideways movement, a slight rally was seen on the 15th of September, with Ethereum price peaking at $3,650 this time. From there, another slow decline followed and resulted in a strong decline on Monday.
Initial support was found around $2,900, while another spike lower overnight took ETH/USD to $2,640. However, we see strong rejection from the $2,640 support, likely meaning further upside to follow today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as another spike lower was seen overnight, with an immediate rejection for further downside. Therefore, we expect ETH/USD to regain some of the loss and likely return above the $3,000 mark later today.
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