TL;DR Breakdown

  • ETH rallied yesterday.
  • $2,000 resistance broken.
  • Ethereum spikes to $2,100 resistance overnight.

Ethereum price analysis is bearish for the next 24 hours as a quick spike to the $2,100 mark was seen overnight. From there, we can expect ETH/USD to start trading lower again and retrace some of the gains made earlier today.

Ethereum Price Analysis: ETH spikes to $2,100, any further upside to be rejected? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin is up by 1.53 percent, while Ethereum is up by 4.3 percent. Meanwhile, Binance Coin (BNB) is among the worst performers, with a loss of almost 2 percent.

Ethereum price movement in the last 24 hours: Ethereum spikes to $2,100

ETH/USD traded in a range of $1,954.30 – $2,091.74, indicating mild volatility over the last 24 hours. Trading volume has declined by 14.31 percent and totals $17.24 billion. Meanwhile, the total market capitalization trades around $241.6 billion, resulting in market dominance of 18.13 percent.

ETH/USD 4-hour chart: ETH ready to reverse?

On the 4-hour chart, we can see the Ethereum price rejecting further upside as bears prepare for another several-day decline.

Ethereum Price Analysis: ETH spikes to $2,100, further upside to be rejected?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded in a strong bearish momentum over the past months after a new all-time high was set around $4,400 in the middle of May. From there, ETH/USD retraced by more than 60 percent until support was finally found around the $1,725 mark.

After a rebound to $2,900 resistance, the $1,725 support was tested for the second time at the end of June. Further, another lower low was established around $2,4000, indicating that ETH/USD is trading in an increasingly tighter range.

Earlier this week, the $1,725 mark was tested for the third time, with a sharp rejection once again. This price action development led Ethereum price towards another spike higher to the $2,100 mark where we could potentially see another major lower high established.

Currently, ETH/USD rejects further upside, meaning that we can expect another downside wave to follow over the weekend, with bears attempting to test the $1,725 major support once again.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis indicates bearish momentum to be seen over the weekend as a strong spike was seen overnight, and any further upside was rejected around $2,100. Therefore, we expect ETH/USD  to reverse over the next 24 hours and start declining back towards the $1,850 and $1,725 support levels.

Source: cryptopolitan.com

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