Ethereum Price Analysis: ETH Keeps Rising, Peak Slowly Finds at $1,780?
Ethereum price analysis is bearish today as we saw another quick spike higher and further consolidation during the day. Therefore, the buyers are likely finally exhausted and ETH/USD is ready to retrace next week.
The market has been trading with slight bullish momentum over the past 24 hours. The leader, Bitcoin, gained 1.33%, while Ethereum 2.58%. Meanwhile, the rest of the market traded with equally mixed results.
Ethereum price movement in the last 24 hours: Ethereum continued towards $1,800
ETH/USD traded in a range of $1,713.07-$1,784.50, indicating slight volatility over the past 24 hours. Trading volume decreased by 11.71%, totaling $12.35 billion, while the total market capitalization traded around $216.2 billion, resulting in a 20.45% dominance. .
ETH/USD 4-Hour Chart: ETH[gettingreadytoreverse?[preparestoreverse?[seprépareàs’inverser ?[preparestoreverse?
On the 4-hour chart, we can see Ethereum’s price action losing its bullish momentum again, indicating that the next week will start with a decline.
Ethereum’s price action has rallied with strong momentum over the past week. Since the last low at $1500, ETH/USD has managed to gain over 20% and almost reach the next major resistance at $1800.
However, given that the latest upsurge failed to create any substantial upside, we expect the bulls to finally run out and selling pressure to return early next week. The first obvious sign of the upcoming retracement would be a sharp move beyond the previous consolidation zone of $1,720.
From there, Ethereum price will likely look to return as low as the $16,500 mark as it previously offered very strong resistance. Once that’s done, ETH/USD should look to continue even higher later in September.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a very strong rally over the week, with a gain of nearly 20% from the previous low of $1,500. Since the overnight upward move could only reach slightly higher highs, we expect ETH/USD to break down and finally start to retrace next week.
Until Ethereum goes further, check out our articles on how to buy Litecoin, Filecoin, and Polkadot.