logo

Ethereum Price Analysis: ETH spikes to $4,400, another retracement to follow?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish for today.
  • ETH/USD set a strong higher low at $3,950 yesterday.
  • The market spiked to $4,400 overnight.

Ethereum price analysis is bearish today as we expect a reversal to follow after a strong spike higher to $4,400 overnight. Likely ETH/USD will move to set another higher low before continuing higher later in the week.

Ethereum Price Analysis: ETH spikes to $4,400, another retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has seen a strong bullish momentum return over the last 24 hours. The market leader, Bitcoin, gained 7.71 percent, while Ethereum 11 percent. Meanwhile, the rest of the top altcoins follow the leaders.

Ethereum price movement in the last 24 hours: Ethereum sets higher high at $3,950, rallied to $4,400

ETH/USD traded in a range of $3,930.81 – $4,422.97, indicating strong volatility over the last 24 hours. Trading volume has increased by 14.87 percent, totaling $26.66 billion,  while the total market cap trades around $520 billion, resulting in a market dominance of 21.79  percent.

ETH/USD 4-hour chart: ETH rejects further upside at $4,400

On the 4-hour chart, we can see the Ethereum price action finding strong resistance at $4,400 overnight, likely leading to a retracement later today.

Ethereum Price Analysis: ETH spikes to $4,400, another retracement to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong volatility over the past weeks. After moving towards the previous all-time highs at the end of November, ETH/USD peaked at $4,750.

From there, bulls failed to sustain momentum, leading to $4,500 initially and a further drop lower last Friday. Support was found around $3,600, meaning that a strong lower low was set with a quick spike lower.

However, from there, the Ethereum price action saw a quick reaction to $4,200, followed by a higher low established at the $3,950 previous major support. Yesterday, ETH/USD pushed higher again, setting local higher high at $4,400 before slowing down overnight. Likely, Ethereum is currently preparing for another retracement that will set further higher low.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we expect a retracement to follow after a strong spike higher Yesterday. Therefore, ETH/USD should set another higher low before more upside can be reclaimed.

While waiting for Ethereum to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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.

Related News

Hot Stories

Bitcoin, Ethereum, Polygon, and Shiba Inu Daily Price Analyses – 13 August Roundup
Cardano price analysis: ADA rides bullish wave as buyers target $0.58 next
Dogecoin price analysis: DOGE swiftly reacts at $0.075 again, another move lower next?
Bitcoin price analysis: BTC ready for big short as bulls knock on $25k
CFTC charges Ohio Man for running a $12M BTC Ponzi scheme

Follow Us

Industry News

Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD