- Ethereum price analysis is bullish today.
- ETH/USD saw another spike lower overnight.
- Retracement is currently in progress.
Ethereum price analysis is bullish today as we expect a further retracement to follow after a quick spike to the $2,880 mark overnight. Likely the $3,000 mark will be retested as resistance and lower high set from there.
The market has moved in the red over the last 24 hours. The leader, Bitcoin, lost 2.83 percent, while Ethereum a more substantial 3.55 percent. Meanwhile, the rest of the top altcoins follow close by.
Ethereum price movement in the last 24 hours: Ethereum begins to retrace after a strong spike lower
ETH/USD traded in a range of $2,893.91 – $3,075.78, indicating mild volatility over the last 24 hours. Trading volume has increased by 76.63 percent, totaling $15.21 billion, while the total market cap trades at $351.64 billion, resulting in a dominance of 19.38 percent.
ETH/USD 4-hour chart: ETH looks to retest $3,000 as resistance
On the 4-hour chart, we can see retracement forming for the Ethereum price action over the last hours as sellers are exhausted again.
Ethereum price action saw more downside tested last week as a new low was set at $2,950. Over the following days, ETH/USD formed consolidation and retracement to $3,140 previous support.
More downside did not follow immediately as the market slowly consolidated during the end of the week. Break lower followed overnight, leading past the $2,950 low in a substantial way.
This morning, the Ethereum price found a new low at $2,880 before starting to retrace. Currently, sellers are exhausted, opening the way for a retracement over the next 24 hours.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen further several week lows tested overnight and support found at $2,880. Therefore, ETH/USD should retrace over the next 24 hours and try to establish another lower local high.