Ethereum Price Analysis: ETH swiftly spikes above $2,750 overnight, prepares to set another higher low today?

TL;DR Breakdown

• ETH spiked higher yesterday.
• Resistance found around the $2,750 mark.
• Ethereum currently retraces to set a higher low.

Ethereum price analysis indicates bearish momentum to follow later today as the market retraces from the $2,750 high. Therefore, we expect ETH/USD to retrace later today and test the $2,550 mark next.

The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin trades almost with no change, while Ethereum is up by 4.3 percent. Solana (SOL) is among the best performers with a gain of around 6 percent.

Ethereum price movement in the last 24 hours: Ethereum sets another higher high around $2,750

ETH/USD traded in a range of $2,474.45 – $2,764.44, indicating mild volatility over the last 24 hours. Trading volume has increased by 43.77 percent and totals $26.75 billion. Meanwhile, the total market capitalization trades around $305.4 billion, resulting in market dominance of 19.34 percent.

ETH/USD 4-hour chart: ETH starts to retrace

On the 4-hour chart, we can see the Ethereum price action starting to retrace as bears want to set another higher low later today.

Ethereum price action has continued to trade with a strong bullish momentum over the past few days. Overall, ETH/USD has gained more than 60 percent since the last major swing low around $1,725.

Further, Ethereum broke past the previous major swing high around $2,400 at the end of July, indicating that the overall market structure is turning bullish again. The next major resistance target for ETH is seen around the $2,900 mark and will likely be targeted next.

However, currently, ETH/USD has extended too far after a new higher high overnight and a retracement is needed. If Ethereum price establishes a higher low above the $2,450 previous low, we can expect bullish momentum to continue later this week as bulls want to finally test the $2,900 resistance.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis indicates bearish momentum to be seen later today as ETH retraces after setting a slightly high thigh overnight. Therefore, we expect ETH/USD to retrace towards $2,550 previous minor support/resistance level next. 

While waiting for Ethereum to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as Dogecoin as a good investment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-08-05/