logo

Ethereum Price Analysis: ETH spikes to $4,100, another lower high set?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD  has likely set a new lower high at $4,100.
  • The market currently consolidates in a narrow range.

Ethereum price analysis is bearish today as we expect a reversal to follow later today after a strong spike to $4,100 was seen late yesterday. Therefore, ETH/USD has likely set another lower high and is now ready to move lower again.

Ethereum Price Analysis: ETH spikes to $4,100, another lower high set? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen a steady increase over the last 24 hours. The market leader, Bitcoin, gained 1.69 percent, while Ethereum 4.65  percent. Avalanche (AVAX) is the top performer from the top altcoins, with a gain of almost 14 percent.

Ethereum price movement in the last 24 hours: Ethereum retests $3,650 support, spikes to $4,100

ETH/USD traded in a range of $3,664.72 – $4,086.37,  indicating strong volatility in the market over the last 24 hours. Trading volume has seen an increase of 44.68 percent, totaling $27.15  billion. Meanwhile, the total market cap trades around $480.68 billion, resulting in a market dominance of 21.17 percent.

ETH/USD 4-hour chart: ETH has peaked at $4,100?

On the 4-hour chart, we can see the Ethereum price struggling to continue higher today after a slight rejection for further upside was seen overnight.

Ethereum Price Analysis: ETH spikes to $4,100, another lower high set?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a stray decline over the past weeks after failing to reach the previous all-time high by the end of  November. On the 4th of December, a strong selloff established the current monthly low just below $3,600.

After some recovery, another major lower high was set at $4,500, conforming that the overall market structure has turned bearish.  Since then, ETH/USD has declined by almost 20 percent and established support at $3,650.

Early yesterday, the Ethereum price retested previous support at $3,900 as resistance before quickly dropping to $3,650. At the support, strong buying pressure re-appeared, leading ETH/USD to spike to $4,100 by the end of the day.

Therefore, we expect another strong lower high to be set, and Ethereum is now ready to continue testing further downside.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we expect the current upswing to end soon, leading to another lower high confirmed at $4,100. Likely ETH/USD  will continue moving lower for the rest of the week to set another lower low along with the overall trend.

While waiting for Ethereum to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

[the_ad_placement id=”writers”]

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

ChainLink price analysis: LINK obtains bullish momentum at $7.5
NFT Sports Prediction App Maincard Launches on Mainnet Ahead of FIFA World Cup 2022
Dogecoin price analysis: DOGE/USD depreciates to $0.1029 after a bearish
BudBlockz Set To Attain Market Excellence Like Binance Coin And Litecoin
Litecoin price analysis: LTC decreases value to $77.29 after a strong bearish movement

Follow Us

Industry News

Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant
Sam Bankman-Fried first ever interview after FTX collapse
PoW crypto mining banned by NY governor: Will mining become extinct? 
World's first national token launching on Tron chain

Add Your Heading Text Here