Ethereum has been on a tear this year—but as with every crypto market, it’s all about sentiment. In the past few days, the digital coin has shot up from $1,000 to $2,100, and it’s largely been driven by the expectation that this week’s ETC hardfork will drive the price ever higher. In the lead-up to the hardfork, the team has been attempting to drum up hype around the event, sending out feeler waves to talk to investors about providing funding for the project.
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A week or so ago, we posted a quick analysis of Ethereum, which has been highly volatile lately and had a sudden spike to $2,100 in price, which we presented as a temporary “flash rally”. We made the assumption that a lot of the price movement was due to the announcement that Ethereum had plans to “kill” its own currency by changing the code to make it difficult to mine them, with the primary purpose of reducing supply and keeping the price stable.
Ethereum has been on a tear recently, surging by more than 50% in the past seven days, and its trading volume has been rising on a daily basis as well. As of this writing, ETH is trading at $1,872, which is 30% higher than its price a week ago. The last time it was this high was in April, when ETH was trading at $1,290. As you may have noticed, the spike in ETH that occurred at the end of April was also the last time the coin had a healthy price.. Read more about eth news today and let us know what you think.
TL;DR Summary
- Yesterday, ETH made a comeback.
- The $2,000 barrier has been breached.
- Overnight, Ethereum surged above $2,100 barrier.
After a rapid surge to the $2,100 level overnight, Ethereum price analysis is negative for the next 24 hours. From there, we may anticipate ETH/USD to begin trading downward again, retracing some of today’s gains.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the entire market has traded with mixed outcomes. Ethereum is up 4.3 percent, while Bitcoin is up 1.53 percent. Meanwhile, Binance Coin (BNB) is one among the poorest performers, having lost almost 2% of its value.
The price of Ethereum has risen over $2,100 in the past 24 hours.
Over the past 24 hours, ETH/USD has traded in a range of $1,954.30 to $2,091.74, showing moderate volatility. The overall trading volume has decreased by 14.31% to $17.24 billion. Meanwhile, the entire market capitalization is approximately $241.6 billion, giving it an 18.13 percent market share.
4-hour chart of ETH/USD: Is ETH about to reverse?
The Ethereum price is refusing additional upward on the 4-hour chart, indicating that bearish are preparing for another multi-day drop.
4-hour chart of ETH/USD. TradingView is the source of this information.
After setting a new all-time high around $4,400 in the middle of May, Ethereum’s price has been trading in a strong negative trend over the last several months. From then, the ETH/USD pair retraced more than 60% until finding support around the $1,725 level.
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At the end of June, the $1,725 support was challenged for the second time after a recovery to $2,900 resistance. Furthermore, another lower bottom was formed at $2,4000, suggesting that the ETH/USD trading range is becoming increasingly narrow.
The $1,725 barrier was tried for the third time earlier this week, with a strong rejection. This price movement led to another surge higher in Ethereum price to the $2,100 level, where we may possibly see another significant lower high set.
Because ETH/USD is now rejecting additional upward, we may anticipate another downward wave over the weekend, with bears trying to retest the $1,725 key support.
Conclusion of the Ethereum Price Analysis
A significant surge was observed overnight, and any additional upside was denied at $2,100, indicating that bearish momentum will be seen throughout the weekend. As a result, we anticipate the price of ETH/USD to reverse in the next 24 hours and begin falling down towards the $1,850 and $1,725 support levels.
While you wait for Ethereum to drop lower, check out our tutorials on DeFi benefits, Bitcoin fees, and what you can do with Bitcoin.
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.
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