Bitcoin’s dominance was in decline over the past week, as the altcoin market grew stronger and more stable. In addition, the price of Ethereum found support above the $350-$400 mark, after dropping sharply on Friday, September 20.
The Ethereum price dipped below $3,200 again yesterday, reinforcing the idea that the price of ETH has been undervalued in the past few months. The price dipped under the $3,000 level on June 7, which was the lowest it’s been since November 2017. However, the price bounced back and was able to stay above the $3,200 handle for the next few days, establishing a new support level.
Ethereum Price Analysis: ETH finds resistance below $3,200, slowly prepares to retrace?. After a good run last week, the price of Ethereum (ETH) is starting to show some weakness this week. The current resistance level for ETH is $3,200, which is the same as the support level it found in the middle of April . Over the last 2 days, ETH has been trading in a multi-day range between $2,700 and $3,500. While the price is currently only slightly weaker than last week, there is one major difference: the momentum is now pointing downwards. One possible reason for this is that Ethereum has stood at this resistance level for the last few weeks, which suggests that the support zone is. Read more about ethereum price jump and let us know what you think.
TL;DR Summary
- Yesterday, the price of Ethereum continued to rise.
- Below $3,200, there is resistance.
- The ETH/USD pair is due for a retracement.
The Ethereum price analysis for the next 24 hours is bearish, since additional gain was not achieved in the previous 24 hours when resistance was discovered below $3,200. As a result, we anticipate ETH/USD to retreat later today, attempting to reverse some of the week’s gains.
Heat map of cryptocurrencies. Coin360 is the source of this information.
The cryptocurrency market trades with slightly bullish results over the last 24 hours. Bitcoin is up by 2.87 percent, while Ethereum is up by around 1.56 percent. Meanwhile, Dogecoin (DOGE) is among the best performers with more than 17 percent gain.
In the past 24 hours, the price of Ethereum has found resistance below $3,200.
Over the past 24 hours, ETH/USD has traded in a range of $3,009.55 – $3,184.60, showing moderate volatility. The overall trading volume has stayed constant at $31 billion. Meanwhile, the entire market capitalization is approximately $365.92 billion, indicating a 20 percent market share.
4-hour chart of ETH/USD: Is ETH due for a retracement?
The Ethereum price failed to go higher after hitting the $3,200 barrier on the 4-hour chart, suggesting a pullback in the coming days.
4-hour chart of ETH/USD. TradingView is the source of this information.
Over the last several weeks, the price of Ethereum has been moving with tremendous positive momentum. Following a retest of key support at $1,725, ETH/USD began to rise, breaking through prior swing highs of $2,400 and $2,650.
This Ethereum price movement shows that the market structure has reverted to bullish territory, and we can anticipate a lot more upside in the next weeks. ETH, on the other hand, has gone too far without a substantial retracement.
As a result, we anticipate a retracement early next week, with ETH/USD testing the prior barrier level as support. The $2,900 mark, which was the last big swing high, is the first apparent price level to keep an eye on. We may anticipate additional gain by the end of next week if Ethereum finds support around this price level, with the next upside goal being about $3,600.
Conclusion of the Ethereum Price Analysis
The Ethereum price analysis for the next 24 hours is negative, as additional upward following a test of the $3,200 barrier was not achieved overnight. As a result, we anticipate the price of Ethereum to reverse later today and begin retracing early next week.
Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
Ethereum, the second largest cryptocurrency in the market, is finding resistance at $3,200. It has formed a positive symmetrical triangle pattern, which may make Ethereum retrace back to the $2,400 levels. Ethereum is currently testing a strong support line at $3,200, which may be an area of interest before a retest of the $2,400 levels.. Read more about ethereum price prediction fxstreet and let us know what you think.
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