Ethereum is down $6.50 (-6%) on the day, with prices retracing below an important support area at $3,200, which was the previous low for this year’s rally. The above chart shows that ETH/USD is currently trading well below this level, which can be considered as a bullish sign. If price manages to breach it, it would suggest that the buyers have gained momentum, and can push the price towards the previous highs at $3,700.
After bullishly performing in the early hours of this morning, Ethereum’s price quickly tumbled by $500, retracing all of its gains from the previous month and delivering a brutal hammer-blow to traders who had bet on a rally.
The past 24 hours saw the Ethereum price retrace a good portion of its gains from the start of the week. Following a bullish breakout from a near-term support at $3,200, ETH has retraced to the crucial $3,200 level before breaking out above it. Now, with BTC in the red and ETH’s relative strength index (RSI) placing the current uptrend as overbought, the next move could be in the opposite direction of the past few sessions.. Read more about eth news today and let us know what you think.
TL;DR Summary
- Yesterday, ETH reached a little higher high.
- Overnight, there was a retracement.
- Today, Ethereum is expected to hit a new higher low.
Today’s Ethereum price analysis is negative, as bulls have failed to rise and have begun to retreat overnight. As a result, we anticipate ETH/USD to fall today and make a higher bottom before rising later this week.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has seen a small decline. Bitcoin and Ethereum, the market leaders, have dropped 3.22 and 2.26 percent, respectively. With a gain of 10.7%, Ripple (XRP) is one of the top performers.
The price of Ethereum has retraced down below $3,200 in the past 24 hours.
Over the past 24 hours, ETH/USD has traded in a range of $3,073.11 to $3,269.21, suggesting moderate volatility. Trading volume has decreased by 8.4% to $26.47 billion, while total capitalization is at $360.75 billion, resulting in a market dominance of 19.43%.
ETH/USD 4-hour chart: Will ETH make a new high today?
The Ethereum price is retracing again on the 4-hour chart, as bears attempt to make another higher bottom before further upside is challenged.
4-hour chart of ETH/USD. TradingView is the source of this information.
Since the 20th of July, when the previous swing low of $1,725 was established, the price of Ethereum has recovered by more than 90%. The last major swing high, approximately $2,900, was broken this week without any opposition, suggesting that the general market structure has shifted back to positive.
After failing to break beyond $3,200 over the weekend, ETH retraced to the prior barrier of $2,900, retesting it as a support. A new higher low was established, as ETH surged once again towards the $3,200 resistance level.
However, ETH/USD was unable to reach new highs and began to consolidate below the resistance level. There was a short rise over the $3,200 barrier yesterday, but there was no additional significant advance from there.
This price movement culminated in another overnight retreat below $3,200, as the Ethereum price attempts to establish another high low before trying to climb higher. We should see ETH/USD continuing to go higher later this week once a higher low is established later today.
Conclusion of the Ethereum Price Analysis
The market retraced overnight after failing to rise over the $3,200 barrier yesterday, making Ethereum price analysis negative for today. As a result, we anticipate ETH/USD will retrace lower today and make a new higher bottom in the following 24 hours.
Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.
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