- Ethereum price analysis is bearish today.
- ETH/USD has set a new swing high at $3,300.
- Ethereum is likely to retrace later today.
Ethereum price analysis is bearish today as bulls are exhausted after a rapid advance to the $3,300 mark and a new higher high set. Therefore, we expect ETH/USD to retrace and likely retest the previous high of $3,150 as support.
The overall market traded in the green over the last 24 hours. Bitcoin increased by 0.71 percent, while Ethereum gained 2.11 percent. Meanwhile, Axie Infinity (AXS) is the top performer today, with a gain of around 38 percent.
Ethereum price movement in the last 24 hours: Ethereum sets new swing high at $3,300
ETH/USD traded in a range of $3,180.07 – $3,340.04, indicating strong volatility over the last 24 hours. Trading volume has increased by just 1.22 percent and totals $19.13 billion, while the total market cap trades around $386.8 billion, resulting in the market dominance of 18.5 percent.
ETH/USD 4-hour chart: ETH set to retrace today?
On the 4-hour chart, we see Ethereum price action becoming exhausted after a rapid advance, indicating that we should see retracement later today.
Ethereum price action has seen bearish momentum over the past weeks. After a strong decline during the second half of September, the market began to consolidate from the $3,650 high to $2,750 low.
ETH/USD established resistance at $3,150 previous significant support with two clear rejections for further upside. Meanwhile, the $2,750 mark was retested several times over the past weeks as support.
Ethereum finally gathered momentum to push higher again yesterday. This time, the $3,150 resistance was broken without much hesitation, leading the Ethereum price higher overnight. Signs of resistance finally showed up at $3,300, where ETH currently consolidates, likely before a reversal.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as a new higher high has been set around $3,300 after a strong rally over the last 24 hours. Therefore, we expect ETH/USD to retrace over the next 24 hours and retest the previous high at $3,150 as support.
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