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Ethereum price analysis: ETH spikes to $3,200, retracement incoming?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD rallied to the next resistance at $3,200.
  • Rejection for further upside is currently in play.

Ethereum price analysis is bearish today as we have seen a solid rally to the $3,200 resistance, indicating strength in the market. However, the bulls are likely nearing exhaustion, with a possible retracement expected to occur over the weekend.

Ethereum price analysis: ETH spikes to $3,200, retracement incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. While leaders, Bitcoin and Ethereum, are up by 0.8 and 0.31 percent, most of the market has endured a decline, with Cardano (ADA) losing around 6 percent.

Ethereum price movement in the last 24 hours: Ethereum tests next resistance, begins to retrace

ETH/USD traded in the $3,090.85 – $3,183.96 range, indicating substantial volatility over the last 24 hours. Trading volume has declined by 11 percent, totaling $17.4 billion, while the total market cap trades around $374.76 billion, representing an 18.78 percent dominance. 

ETH/USD 4-hour chart: ETH ready to retrace?

On the 4-hour chart, we can see the Ethereum price facing rejection for further upside. This should be an indication of a retracement over the weekend.

Ethereum price analysis: ETH spikes to $3,200, retracement incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum’s price has broken out over the past week without stopping for breath. After breaking the $3,000 major resistance on the 22nd of March, ETH/USD set the current local higher low at $2,920.

From that point, it continued to gain another 9 percent over the following days before it tested the $3,200 resistance. Ethereum’s price has apparently run into a brick wall as we have seen a rejection of further upward movement. This may be an indication that the market is headed for a retracement next.

Therefore, the Ethereum price action should see a bearish weekend. The previous resistance at $3,000 will be retested as support before it makes further advancement in the new week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as the market has set a higher high at the next major resistance at $3,200. We expect a reversal soon, as another higher low needs to be set before ETH/USD attempts to move even higher.

While waiting for Ethereum to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO

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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