Ether, the second largest cryptocurrency by market cap, surged overnight thanks to some good news from a cryptocurrency conference. Ethereum’s founder, Vitalik Buterin, announced that the next generation of Ethereum’s blockchain software, called Serenity, would release a new feature called “sharding”. While sharding is not the same thing that will enable Ethereum to scale to potentially millions of users, it is a step in the right direction for the success of the network.
The crypto markets have been volatile over the last 24 hours with a few key altcoins taking a hit. However, Ethereum (ETH) has been the worst hit, falling nearly 25% over the last week. However, ETH remains some distance away from its 2017 lows (April 6th) and is showing signs of a recovery.
Yesterday at the start of the week the Ether (ETH) price was trading at $220, and during the day it moved above $240. The cryptocurrency was last seen trading in the green at $252. After a successful bullish rally, ETH was able to break above a very important technical level at $258.1. This move doesn’t come as a surprise, considering that yesterday the price reached a new yearly high, surpassing the $250 mark for the first time in the last month.. Read more about why ethereum is going down today 2023 and let us know what you think.
TL;DR Summary
- Overnight, ETH continued to rise.
- The closest level of resistance is $2,400.
- At $2,000, the next big support comes in.
Today’s Ethereum price analysis is optimistic, as further upside has been witnessed in the past 24 hours, and bulls are expected to revisit the $2,400 level. As a result, ETH/USD should continue to trade higher while preparing for a far more significant reversal in the coming weeks.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the entire cryptocurrency market has been in the green. Ethereum is up about 2.25 percent, while Bitcoin is up 5.74 percent. With a gain of 15.47 percent, Ripple (XRP) is one among the top performers.
The price of Ethereum has moved to retest $2,400 in the past 24 hours.
Over the past 24 hours, ETH/USD has traded in a range of $2,209.08 to $2,333.67, showing moderate volatility. The overall trading volume has dropped by 12.4 percent to $21.85 billion. Meanwhile, the overall market capitalization is approximately 269 billion, giving the company a market share of 17.36%.
4-hour chart of ETH/USD: Is ETH preparing for a reversal?
The Ethereum price has been trending upward over the past 24 hours on the 4-hour chart, as bulls attempt to retest the $2,400 barrier.
4-hour chart of ETH/USD. TradingView is the source of this information.
Over the last several days, the price of Ethereum has been moving in a strong upward direction. After establishing support at $1,725 on July 20th, ETH/USD began to rise, gaining more than 40% above the previous swing high of $2,400.
As a result, both the previous swing high and swing low have been retested by Ethereum, indicating that market momentum is neutral. ETH/USD retraced on Monday after retesting the $2,400 barrier and began to gently move upward again.
As bulls seek to retest the previous swing high, this price action development has resulted in a more than 24-hour upward momentum. If a lower high is made, Ethereum’s price will indicate that another medium-term downswing will occur in the coming weeks, with the $1,725 key support level to be challenged next.
Conclusion of the Ethereum Price Analysis
Ethereum price research suggests that the $2,400 level will be retested later today, indicating that further upward momentum will be observed. We anticipate ETH/USD to revert and begin heading downward in the next weeks.
Read our articles on Bitcoin costs, DeFi benefits, and what you can purchase with Bitcoin while you wait for Ethereum to retest $2,400 resistance.
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.
Over the course of the last week, the Ethereum price has been trending to the upside. After the last week’s failed resistance at $1,700, the $1,750 level is the next immediate hurdle to overcome. This week, the currency has moved above $1,750 on a couple of occasions. However, these moves were not too convincing, and the currency failed to push beyond the $1,800 resistance level.. Read more about ethereum news today 2023 and let us know what you think.
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