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Ethereum price analysis: ETH spikes higher, a swift retest of $1,600 support overnight?

Ethereum Price analysis 2022 08 05

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • Previous resistance is briefly broken.
  • ETH/USD is ready to retrace.

Ethereum price analysis is bearish today as we have seen a quick spike higher, likely as the last retest of upside before further downside follows. Therefore, we expect DOGE/USD to begin declining and pushing towards the $1,500 support.

Ethereum price analysis: ETH spikes higher, a swift retest of $1,600 support overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.78 percent, while Ethereum by 4.04 percent. Meanwhile, the rest of the top altcoins followed close by.

Ethereum price movement in the last 24 hours: Ethereum reacts from $1,600

ETH/USD traded between $1,585.33 to $1,718.32, indicating substantial volatility over the last 24 hours. Trading volume has increased by 15.45 percent, totaling $17.73 billion, while the total market cap trades around $204 billion, resulting in market dominance of 18.82 percent.

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ETH/USD 4-hour chart: ETH looks to decline further?

On the 4-hour chart, we can see the Ethereum price action rejecting further downside, indicating that selling pressure should return overnight.

Ethereum price analysis: ETH spikes higher, a swift retest of $1,600 support overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a retrace over the past days after a new swing high was set at $1,760. From there, a new low was set at $1,560 and a clear higher low set.

A slight reaction higher followed later this week, setting a lower local high at $1,680. Consolidation continued later in the week, leading to a drop back to $1,600 as bears attempted to continue the several day retracement.

However, Ethereum price reversed before the $1,600 support could be broken, leading to a quick spike higher. ETH/USD quickly reached $1,720, before more downside began, indicating that selling should continue over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a quick spike higher above $1,680 resistance, with an immediate reaction lower shortly after. Therefore, we expect ETH/USD to begin retracing further over the weekend, likely with a break below $1,600 support.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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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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