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Ethereum price analysis: ETH spikes higher, a swift retest of $1,600 support overnight?

Ethereum price analysis is bearish today after seeing a surge. Therefore, we expect DOGE/USD to start falling and push towards the $1,500 support.

Heat map of cryptocurrencies. Source: Coin360

The market has traded green over the last 24 hours. Bitcoin, the leader, rose 0.78%, while Ethereum gained 4.04%. Meanwhile, the rest of the top altcoins followed closely behind.

Ethereum price action over the last 24 hours: Ethereum reacts from $1,600

ETH/USD is trading between $1,585.33 and $1,718.32, showing significant volatility over the past 24 hours. The trading volume increased by 15.45% to a total of $17.73 billion, bringing the market capitalization to about $204 billion, resulting in a market dominance of 18.82%.

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ETH/USD 4 Hour Chart: Does ETH Look to Fall Further?

On the 4-hour chart, Ethereum price action is refusing to fall further, suggesting that selling pressure will return overnight.

Ethereum Price Analysis: ETH Surges, Quickly Retests $1,600 Support Overnight?
ETH/USD 4-hour chart.Source: Trading View

Ethereum price action has turned back in the past few days after setting new highs at $1,760. From there, new lows were set at $1,560, a clear high low.

A slight reaction followed later in the week, setting local highs at $1,680. Consolidation continued in the second half of the week as the bears attempted to continue a multi-day retracement, with a drop to $1,600.

However, Ethereum price reversed and surged before the $1,600 support broke. ETH/USD quickly reached $1,720, but has begun to fall further, indicating continued selling over the weekend.

Ethereum Price Analysis: Conclusion

Ethereum’s price analysis today is bearish, with a surge above the $1,680 resistance and a short reaction afterward. Therefore, we expect ETH/USD to start a further retracement over the weekend and likely break below the $1,600 support.

While you wait for Ethereum to evolve further, check out our articles on how to buy Litecoin, Filecoin and Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com accepts no liability for investments made based on information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.


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