Ethereum Price Analysis: ETH briefly spikes below $3,650, downside rejected again
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TL;DR Breakdown
- Ethereum price analysis is bullish today.
- ETH/USD regained loss overnight.
- Consolidation currently continues.
Ethereum price analysis is bullish today as we expect more upside to follow after the downside was quickly rejected late yesterday. ETH/USD has since tested upside, with another rejection likely leading to more consolidation over the next hours before another push higher.
The cryptocurrency market has traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 2.48 and 2.2 percent, respectively. Meanwhile, Algorand (ALGO) is the worst performer from the majors, with a loss of over 6 percent.
Ethereum price movement in the last 24 hours: Ethereum retest downside, recover to top of the consolidation range
ETH/USD traded in a range of $3,636.87 – $3,803.72, indicating moderate volatility over the last 24 hours. Trading volume has declined by 8.86 percent, totaling $12.2 billion. Meanwhile, the total market cap trades around $441 billion, resulting in a market dominance of 19.97 percent.
ETH/USD 4-hour chart: ETH continues to consolidate
On the 4-hour chart, we can see the Ethereum price setting both a lower high and higher local low, indicating consolidation in an increasingly more narrow range.
Ethereum price saw a sharp reversal this week. After a series of higher highs led ETH/USD to $4,150 new high, more upside could not be reached last weekend, with consolidation formed.
Break lower followed on Tuesday, quickly leading ETH to break past previous local lows until a reaction was seen at $3,600. Therefore a loss of around 13 percent had played out, moving the Ethereum price into a consolidation.
Yesterday a higher low was set with a brief spike lower, while the following recovery set a lower high at $3,775. Likely ETH/USD will continue to consolidate later today, with a high chance of a break higher to finally regain some of the loss seen earlier in the week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we have seen consolidation play out over the last 24 hours. Likely ETH/USD will break to the upside as bulls are finally ready to regain the loss seen earlier this week.
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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