Ethereum price analysis: ETH drops again, support found at $2,880

Ethereum Price analysis

TL;DR Breakdown

  • 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.

Ethereum price analysis: ETH drops again, support found at $2,880 1
Cryptocurrency heat map. Source: Coin360

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 analysis: ETH drops again, support found at $2,880
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.

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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