Ethereum Price Analysis: ETH spikes above $3,800, further upside rejected?
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TL;DR Breakdown
- Ethereum price analysis is bearish today.
- ETH/USD consolidated yesterday.
- Quick spike higher seen this morning.
Ethereum price analysis is bearish today as we expect the current spike higher end with another reversal. Therefore, ETH/USD should return below $3,775 resistance and test more downside again later today.
The cryptocurrency market has seen some bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 0.71 percent, while Ethereum trades with a 0.89 percent gain after a spike higher this morning. The rest of the top altcoins have seen mixed, slightly bullish results.
Ethereum price movement in the last 24 hours: Ethereum recovers to $3,775 resistance, spikes slightly higher
ETH/USD traded in a range of $3,687.29 – $3,807.29, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.07 percent, totaling $13.32 billion. Meanwhile, the total market cap trades around $449.9 billion, resulting in market dominance of 20 percent.
ETH/USD 4-hour chart: ETH faces rejection above $3,800
On the 4-hour chart, we can see the Ethereum price making a quick spike higher this morning, with further upside currently rejected, likely reversing the market later today.
Ethereum price action has seen a strong reversal this week. After previously making its way higher, ETH/USD peaked at $4,160 on the 23rd of December.
Consolidation followed last weekend, with slightly lower highs set, indicating an upcoming reversal. ETH did indeed see a strong break lower from Monday, resulting in a loss of over 12 percent to the current low at $3,600, which was found on Wednesday.
Reaction higher followed yesterday, with the $3,775 mark offering resistance under which to form a consolidation. After more sideways action overnight, the Ethereum price quickly spiked higher this morning, with selling pressure returning shortly after.
Therefore, we expect ETH/USD to move for another downswing over the next 24 hours. Likely, bears will retest the previous major swing low at $3,600 over the weekend.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect a reversal to follow after a brief test of more upside this morning. Likely ETH/USD is headed for another test of downside 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.
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