Ethereum Price Analysis: ETH spikes to $2,700, set for a slow retracement today?
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Overnight, ETH made another upward surge.
Around $2,700, Ethereum refuses further gains.
Today’s market is expected to retrace.
Ethereum price research shows that negative momentum will continue over the next 24 hours, as a new high was reached overnight and additional gains were rejected below $2,700. As a result, we anticipate a retracement of part of the gains and a retest of the $2,400 key barrier as support for ETH/USD.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the general market has been trading with a little negative trend. Bitcoin, the market leader, has lost 5% of its value, while Ethereum has remained unchanged. The rest of the major cryptocurrencies are trading at a loss of -2 to 2%.
The price of Ethereum has risen over $2,700 in the past 24 hours.
The price of ETH/USD fluctuated between $2,511.38 and $2,695.43, suggesting moderate volatility. The entire market value is approximately $303.5 billion, while trading volume has risen by 22.75 percent to $23.5 billion.
4-hour chart of ETH/USD: Is ETH due for a retracement?
The Ethereum price has rejected any upward overnight on the 4-hour chart, as bears seek to retest the $2,400 barrier as support.
4-hour chart of ETH/USD. TradingView is the source of this information.
Since the previous significant swing low at $1,725, which was tested on July 20th, the price of Ethereum has risen by more than 55 percent. We may infer that the general market structure has begun to become a lot more bullish again after the last major swing high of approximately $2,400 was breached.
However, the positive momentum in the ETH/USD pair is likely spent at this point, and a pullback is required in the coming days before we can anticipate additional gains. As a result, Ethereum is expected to begin trending downward later today, reaching the prior resistance level of $2,400, which should serve as support next.
Once the $2,400 support is broken, Ethereum is expected to make another effort to climb higher. The next big resistance level, which ETH challenged many times at the end of May, is seen around $2,900. Alternatively, ETH/USD may drop below $2,400 and retrace a significant amount during the next week.
Conclusion of the Ethereum Price Analysis
As additional upside around $2,700 was denied overnight, negative momentum is expected to take hold later today, according to Ethereum price research. As a result, we anticipate ETH/USD to retrace towards the prior resistance level of $2,400.
While you’re waiting for Ethereum to drop, check out our articles on Satoshi Nakamoto, DeFi benefits, and Bitcoin fees.
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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