logo

Ethereum price analysis: ETH spikes as low as $1,270, swift retrace at $1,300 to soon end?

Ethereum Price analysis 2022 10 03

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD found support at $1,270 yesterday.
  • Reaction higher followed overnight.

Ethereum price analysis is bearish today as we saw a strong decline yesterday, ending at the $1,270 support. ETH/USD has started to retrace and moved back above $1,300, where further upside currently is rejected, indicating another wave lower later today.

Ethereum price analysis: ETH spikes as low as $1,270, swift retrace at $1,300 to soon end? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.28 percent, while Ethereum gained 0.46 percent. Meanwhile, the rest of the market saw mixed results.

Ethereum price movement in the last 24 hours: Ethereum retests previous lows

ETH/USD traded in a range of $1,271.15 to $1,308.90, indicating mild volatility over the last 24 hours. Trading volume has increased by 31.95 percent, totaling $9 billion, while the total market cap traded around $159.85 billion, resulting in market dominance of 17.22 percent.

ETH/USD 4-hour chart: ETH retests $1,300 as resistance

On the 4-hour chart, we currently see strong rejection at $1,300, indicating that further selling will take place overnight.

Ethereum price analysis: ETH spikes as low as $1,270, retrace to continue overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded without a clear direction over the past weeks as recovery above the $1,400 previous high failed last Tuesday. ETH/USD immediately returned to previous lows, indicating that further sideways action would follow.

From there, ETH retraced to $1,350, where another short-term consolidation followed and set a local lower high. However, since no further upside followed, selling pressure returned yesterday, slowly leading back below $1,300 support.

Ethereum price could not sustain enough pressure towards the $1,250 overnight, leading back above the $1,300 mark today, where some resistance has already been found. Likely ETH/USD will look to move even lower over the next days, to finally break the $1,250 support. 

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a reaction higher and a retest of $1,300 after a substantial drop over the weekend. Therefore, we expect ETH/USD to start declining once more soon and drop towards the $1,250 support as it is the next major support.

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

[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

Avalanche price analysis: Bullish uptrend marks AVAX price above $13.44
Bitcoin price analysis: BTC climbs above $17,000, potential breakout looms
Ethereum price analysis: ETH slowly retests $1,270, reaction higher overnight?
ChainLink price analysis: LINK bearish at $6.9
Bitcoin, Binance Coin, Dogecoin, and Polygon Daily Price Analyses – 9 December Morning Prediction

Follow Us

Industry News

Best Twitter threads of the day - December 9th
Top crypto tweets of the day - December 9th
CZ takes a jab at Kevin O'Leary for defending SBF even after losing millions
Coinbase users to convert USDT to USDC for free
Ethereum developers are to release Staked Ether in March 2023

Add Your Heading Text Here