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Ethereum price analysis: ETH swiftly spikes higher again, retrace from $1,380 next?

Ethereum Price analysis 2022 10 06

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD saw another spike higher overnight.
  • Higher high is currently set at $1,380.

Ethereum price analysis is bearish today as we have seen a failure to move lower late yesterday and another slightly higher local high set this morning. Therefore, ETH/USD should soon reverse and begin retracing back below $1,350.

Ethereum price analysis: ETH swiftly spikes higher again, retrace from $1,380 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.58 percent, while Ethereum 3.94 percent. The rest of the market followed close by with similar results.

Ethereum price movement in the last 24 hours: Ethereum sets another higher local high

ETH/USD traded in a range of $1,320.98 to $1,380.40, indicating mild volatility over the last 24 hours. Trading volume has increased by 25.48 percent, totaling $11.7 billion, while the total market cap traded around $168.48 billion, resulting in market dominance of 17.38 percent.

ETH/USD 4-hour chart: ETH peaks at $1,380

On the 4-hour chart, we see Ethereum price starting to reverse again, likely leading back below $1,350 support by the start of the weekend. 

Ethereum price analysis: ETH swiftly spikes higher again, retrace from $1,380 next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has continued to move sideways over the past week, with the $1,250 mark still acting as strong support. Additionally, the $1,400 swing high is yet to be breached, indicating a lack of clear medium-term trend direction.

However, the slightly higher local low set at $1,265 resulted in another push higher over the past days. Resistance at $1,350 was quickly retested yesterday, leading ETH/USD back toward the top of the consolidation range.

Since then, Ethereum price has seen a slight retrace again, after which another push higher followed to the $1,380 mark. ETH/USD started to consolidate from there, indicating that another drop lower will soon follow.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen another quick spike higher and a slightly higher high set at $1,380. Therefore, ETH/USD is ready to retrace once more overnight and look to return toward the previous low.

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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