The past 24 hours have been an interesting time for Ethereum, which has reached a new all-time high today at $2,313 on one exchange. The price has been climbing steadily over the past few weeks and started pushing higher yesterday. The move saw ETH rise as high as $2,315 on Poloniex, before quickly dropping back down.
Ethereum (ETH) has been on a roll lately. After correcting in the middle of the month, the currency surged to a record high over $2,300 last week. Now, the price has corrected back down to that level, with ETH retracing some of the recent gains. We could see ETH retest the record high over $2,300 again this week, as there is a bullish divergence in the price chart.
Ether is up by 14.6% in the last 24 hours and has broken above $2,300 for the first time in weeks. This move has been a result of the Coincheck hack and rumors that South Korean exchanges will soon follow suit. As a reminder, Coincheck lost almost $500 million in NEM tokens, which have since been frozen, and another $28 million in Monero. Nonetheless, the crypto community seems to have come to grips with this event, and have moved on to discussing the recent surge in ETH.. Read more about ethereum analysis today and let us know what you think.Summary of the situation
- ETH rose yesterday.
- Resistance at $2,300 was broken this morning.
- A correction is likely to follow later in the day.
Ethereum price analysis for today is bearish, as the market set a higher high and quickly climbed above $2,300, from where we are likely to see a pullback in the next 24 hours. Therefore, we expect ETH/USD to move towards the $2,000 level to form a higher low in the coming days.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has traded in the green for the past 24 hours. Bitcoin was up 2 percent and Ethereum was up 4.2 percent. The rest of the market follows this pattern of slightly upward results.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $2,190 – $2,342, indicating moderate volatility. Trading volume remained relatively unchanged at $19 billion. At the same time, its total market capitalization is $269.3 billion, representing a market dominance of 18.4%.
4-Hour ETH/USD Chart – Is the ETH ready for a pullback?
On the 4-hour chart, we can see that the price of Ethereum has crossed the $2,300 mark in recent hours and is currently ready to give back some of its gains.
4 hour chart of ETH/USD. Source: TradingView
The market as a whole continues to trade with a downward trend in price action. Earlier this month, we saw ETH/USD fall below the previous key resistance of $2,900, resulting in a 40% loss.
Support was eventually established at $1,725 and retested a few days later. From there, ETH/USD went on a rally earlier this week until it reached the $2,300 resistance, which had previously acted as solid support.
After breaking through the $2,000 mark on Thursday, the price of Ethereum has seen a further rise over the past 24 hours. A slight top above the $2,300 level was made in the last few hours, which should indicate that the overall weekly momentum is now exhausted.
Therefore, we can expect ETH/USD to turn lower today and head towards the $1,900 support to set a higher low. ETH/USD is likely to lose more as further declines are seen and a new major swing low is formed.
Ethereum Price Analysis: Supplement
The Ethereum price analysis for today is bearish, as the market has set a higher high in recent hours and is currently preparing for a pullback to the downside. This should prompt ETH to set another higher low and attempt another rise next week.
In anticipation of Ethereum’s return, read our guides on the benefits of DeFi, commissions for Bitcoin and what to buy with Bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The cryptocurrency frenzy has not hit a pause yet, with a number of investors eager to get into the market. For some, the cryptocurrency movement is all about the money. For others, it is the technology that makes the cryptocurrency a worthwhile investment. Whatever the reason, there is no denying that the blockchain technology is a game-changer. It has the potential to change the world as we know it.. Read more about cardano to be listed on coinbase and let us know what you think.
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