ETH Price Analysis: ETH spikes more than 10 percent, retests previous swing high at $2,400
2 min readTL;DR Breakdown
- ETH continued to rally overnight.
- $2,400 resistance prevents further upside.
- ETH is likely to decline later today.
ETH price analysis indicates bearish momentum to follow over the next 24 hours as previous major resistance around $2,400 was tested overnight after a rapid advance over the past days. Therefore, ETH/USD bulls are likely exhausted, and we can expect another retracement later this week.
The cryptocurrency market traded with a strong bullish momentum over the last 24 hours. Market leaders, BTC and ETH, have increased by 13.16 and 9.72 percent, respectively. VeChain (VET) is among the best performers, with a gain of over 19 percent.
ETH price movement in the last 24 hours: ETH tested previous high around $2,400
ETH/USD traded in a range of $2,108.83 – $2,389.17, indicating a good amount of volatility over the last 24 hours. Trading volume has increased by 56 percent and totals $24.23 billion, while the total market capitalization stands around $275.3 billion, resulting in a market dominance of 17.89 percent.
ETH/USD 4-hour chart: ETH prepares to retrace?
On the 4-hour chart, we can see the ETH price rejecting further upside around $2,400 resistance, which should lead ETH towards another several-day retracement.
ETH price action starts to trade with an increasingly more bullish market structure as a strong rally over the past days retested the previous swing high around $2,400. After a several-week decline of over 30 percent, previous support of around $1,725 was tested. Together with the current test of $2,400 previous high, we can see that ETH/USD is effectively trading sideways as of now.
The current rejection for further upside should lead ETH towards another retracement later this week. This should lead ETH/USD towards the previous major swing low of around $1,725. In case Etherum can set a higher low, we could see a much more substantial reversal taking place over the next weeks.
Ultimately, before ETH price action turns bullish once again, a clear higher low needs to be set above $1,725. From there, ETH/USD has to finally break the $2,400 resistance. Once a higher high is set, ETH should move towards the previous all-time high over the next months.
ETH Price Analysis: Conclusion
ETH price analysis indicates bearish momentum to follow over the next 24 hours as bulls have made another spike higher overnight, and further upside is rejected as of now. Therefore, we expect ETH/USD to decline later this week and test previous lows.
While waiting for ETH to retrace, read our guides on BTC fees, what can you buy with BTC, as well as DeFi advantages.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
