https://ift.tt/3EDKukH Price Analysis: ETH spikes below $3,650 previous low, swift retracement to follow?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD spiked lower overnight.
• Support was found at $3,600.

Ethereum price analysis is bullish today as we expect recovery to finally begin after more downside was tested late yesterday. ETH/USD found support at $3,600, with a reaction higher seen since.

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, has gained 1.23 percent, while Ethereum lost 0.05 percent. Meanwhile, Algorand (ALGO) is the top performer for the day, with a gain of over 17 percent.

Ethereum price movement in the last 24 hours: Ethereum spikes lower again, reaction seen at $3,600

ETH/USD traded in a range of $3,595.20 – $3,802.44, indicating mild volatility over the last 24 hours. Trading volume has increased by 12 percent, totaling $16.9 billion. Meanwhile, the total market cap trades around $445 billion, resulting in a market dominance of 19.97 percent.

ETH/USD 4-hour chart: ETH looks to recover?

On the 4-hour chart, we can see the Ethereum price moving higher today, likely as bears are finally exhausted.

Ethereum price action has seen bearish momentum return this week. After previously setting several higher highs and lows, ETH/USD peaked at $4,150 on the $23rd of December.

From there, ETH consolidated during the last weekend as further upside was rejected. Break lower followed on the 27th of December, leading to a strong decline over the next days.

Ethereum price quickly lost around 12 percent, with reaction higher seen at $3,600 overnight. Therefore, ETH/USD has likely bottomed out and should retrace some of the loss over the next 24 hours. 

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we expect further recovery to follow after another spike lower overnight. Since the $3,600 mark provided support and the market reacted higher, ETH/USD should continue higher over the next 24 hours.

While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.