It was a good week for Ethereum, as the price hit $2,600. The cryptocurrency reached this significant milestone on November 25, 2017, and has since stabilized at this level. The trend is still up, as the price has never been higher than $1,500, but it is in a consolidation phase that will probably culminate in a short correction.
Today we will provide you with an in-depth analysis of Ethereum’s price action leading to today. We will begin with the ETH/USD 4-hour chart:
The Ethereum price is on the rise again with a past week’s $2,600 level. The high has been quite consistent, with a week-on-week downtrend that has seen the price drop from $2,661 to $2,602 at the time of writing. The next target seems to be the $2,600 mark, which has been the level to be targeted in recent weeks.. Read more about why is grayscale ethereum dropping and let us know what you think.TL;DR Breakdown
- ETH still bullish overnight.
- Resistance at $2,600 might reverse Ethereum today.
- Next support at $2,200.
Ethereum price analysis is bearish for the next 24 hours as the $2,600 resistance was reached overnight and further upside is still rejected. Therefore, we expect ETH to retrace once more to test the $2,200 support.
Cryptocurrency heat map. Source: Coin360
The overall market trades with a small gain over the last 24 hours. Bitcoin is up by 2 percent, while Ethereum 4.6 percent. Polkadot and Matic are among the best performers with a gain of 15 percent.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,473 – $2,639, indicating a moderate amount of volatility. Trading volume has increased by 6.23 percent and totals $28.6 billion. Meanwhile, the total market cap stands at $303 billion, resulting in a market dominance of 17.47 percent.
ETH/USD 4-hour chart – ETH tests $2,600 resistance
On the 4-hour chart, we can see the Ethereum price action moving higher to test the $2,600 mark.
ETH/USD 4-hour chart. Source: TradingView
The overall market still trades with a slightly bearish price action. After retracing more than 60 percent from the last all-time high at $4,400, ETH/USD established a clear lowest low at $1,725, where a sharp rejection to the $2,900 resistance was made at the end of May.
From there, several retests of the $2,900 resistance have been made over the past weeks with an increasingly tighter range forming due to ETH/USD setting slightly higher lows each time. However, late last week, a lower low was set after a failure to move above the $2,600 resistance. This means that we could see the Ethereum price action reverse around this resistance again today.
If Ethereum can not move any lower, ETH/USD will spike to $2,200 support next. Alternatively, bulls will take control and push ETH/USD towards the next resistance at $2,900.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish as the $2,600 could reverse Ethereum and another retracement would take the market towards the $2,200 support. Therefore, we expect ETH to respect the $2,600 resistance again and establish another low, from which to push ETH higher.
While waiting for further Ethereum price action development, read our guides on how to trade Bitcoin, should i buy Bitcoin, and how to buy Bitcoin stock.
Disclaimer. The information provided is not trading advice. .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.On January 13th, the Ethereum price set a new high of $2.616. This was the first time in a week that the price passed $2,600 and is a sign of bullishness for the cryptocurrency. Ethereum is approaching the second most important technical level of support, which is the .618 Fibonacci Retracement level (drawn in black on the chart).. Read more about why burn ethereum and let us know what you think.
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