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Ethereum Price Analysis: ETH spikes to $3,800, ready for a reversal?

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  • Ethereum price analysis is bearish for today.
  • ETH/USD spike to $3,800 late yesterday.
  • Consolidation seen below $3,800 overnight.

Ethereum price analysis indicates bearish momentum to follow as bulls are exhausted after a spike to the $3,800 resistance yesterday. Therefore, we expect ETH/USD to retrace and likely head back towards to previous high to retest it as support.

Ethereum Price Analysis: ETH spikes to $3,800, ready for a reversal? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.73 and 5.65 percent, respectively. Meanwhile, Dogecoin (DOGE) is among the best performers, with a gain of 7.66 percent.

Ethereum price movement in the last 24 hours: Ethereum xxx

ETH/USD traded in a range of $3,579.42 – $3,836.87, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.34 percent and totaled $27.3 billion, while the total market cap trades around $441.9 billion.

ETH/USD 4-hour chart: ETH set to retrace?

On the 4-hour chart, we can see the Ethereum price failing to reach further upside overnight, indicating an upcoming retracement.

Ethereum Price Analysis: ETH spikes to $3,800, ready for a reversal?
ETH/USD 4-hour chart. Source: TradingView

The Ethereum price action saw a substantial advance over the last two days. After consolidating below the $3,300 resistance for several weeks, ETH/USD finally set a higher low around $3,100 on the 26th of August.

This was followed by further upside over the weekend and a following local higher high. On Monday, ETH started to advance rapidly and quickly moved back to the $3,300 resistance. 

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After some initial reaction, the $3,350 previous swing high was broken, with the next resistance at $3,600 reached shortly after. Ethereum`s momentum did not slow down late yesterday, with the market price eventually touching the $3,800 price mark. Since then, ETH/USD has consolidated and rejected further upside, indicating an upcoming several-day retracement.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as the market struggled to make further upside after a spike to the $3,800 mark yesterday. Therefore, we expect ETH/USD to reverse later today and look to retrace some of the gains.

While waiting for Ethereum to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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Ethereum

Ethereum Price Analysis: ETH tests $3,150 resistance, a breakout to follow?

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  • Ethereum price analysis is bullish today.
  • ETH/USD continued to move higher overnight.
  • ETH is likely to pause before breaking higher.

Ethereum price analysis is bullish today as bulls pushed the market price to the $3,150 resistance after a strong rally yesterday. Therefore, we expect ETH/USD to break higher later today and finally set a new higher high.

Ethereum Price Analysis: ETH tests $3,150 resistance, a breakout to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 1.6 percent, while Ethereum has gained 4.47 percent. Meanwhile, Solana (SOL) is the best performer today, with a gain of 10 percent.

Ethereum price movement in the last 24 hours: Ethereum tests $3,150 previous high

ETH/USD traded in a range of $2,976.34 – $3,163.67, indicating a substantial amount of volatility over the last 24 hours. Trading volume has declined by 13.33 percent and totals $18.85 billion, while the total market cap trades around $365.4 billion, resulting in the market dominance of 18.75 percent.

ETH/USD 4-hour chart: ETH ready to set higher high?

On the 4-hour chart, Ethereum price action can be seen to look for a breakout above the previous high of $3,150 as bulls have regained control.

Ethereum Price Analysis: ETH tests $3,150 resistance, a breakout to follow?
ETH/USD 4-hour chart. Source: TradingView

The overall market continued to trade in a bearish momentum last week. After a new lower high was set around $3,650, ETH/USD dropped more than 25 percent until support was found around $2,750.

What followed was a reaction higher, with the previous major support of $3,150 retested as resistance. What followed was another spike lower on Friday, with a slightly higher low set this time.

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Yesterday, the $2,750 support was tested for the third time, with a subsequent rally to $3,150 resistance over the last 24 hours. Overall, we can expect exhaustion for bearish momentum, likely leading the Ethereum price higher over the next 24 hours.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for today as bulls pushed higher overnight, and the $3,150 resistance currently gets tested. Therefore, ETH/USD should see further upside above the $3,150 resistance later today.

While waiting for Ethereum to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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1/3 of Ethereum Supply Has Been Moved Out of Exchanges in Span of One Year

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Ethereum is being moved away from centralized exchanges, and DeFi might be one of the reasons

According to data presented by Santiment, 1/3 of the circulating Ethereum supply has been moved from exchanges to personal wallets. From Sept. 26, 2020, to this day, the circulating supply has been reduced from 24% to 16%, totaling an 8% loss in a year. The main reason for such a trend is the update of the coin’s network and a rapid price increase.

Ethereum price increase

Accumulation periods usually accelerate after the price of an asset has rapidly increased, which makes investors move funds away from the exchange since they are not willing to sell them. Traders usually hold money on exchanges whenever they are willing to sell their assets.

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Since Sept. 2020, when exchange supplies have started to decrease, the Ethereum price has risen by almost 1,000%, with the average entry being $1,800-$2,000 on the network. The majority of Ethereum holders are currently holding their coins with a 69% profit.

Ethereum Daily Chart
Source: TradingView.com 

The period of accumulation is considered over after on-chain data started reflecting a rapid exchange inflow increase. Usually, after the accumulation period is replaced by spending cycles, the price of underlying assets drops significantly.

Alternative investment options presented

Compared to the previous 2017 bullrun, Ethereum has stepped further in development with the announcement of various alternative investment options like liquidity provision and lending. That is why, in some cases, investors choose to reinvest their coins rather than keeping them on exchanges or selling them.

Total Value Locked
Source: DeFi Pulse 

The total value locked in the DeFi industry is currently staying at $85 billion, with a $95 billion TVL ATH reached on Sept. 6. The current trend indicates that Ethereum holders prefer holding their assets in either personal wallets or DeFi smart contracts, rather than exchanges.

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ETH Price Analysis: A Slowing Mid-Term Bearish Trend Hints Bullish Comeback for Ethereum

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The ETHUSDT price finally slumps by roughly 21% after trading within an expanding channel formed by a bearish and bullish divergence setup on 03 Sep ’21 16:00 and 05 Sep ’21 04:00.

This price move was eventually felt on the Daily time frame ending the mid-term uptrend trend bias, and a transition into a downtrend. A first attempt by the bulls gave in to another 25% sell off that started on 17 September ’21 20:00.

ETHUSDT 4 Hr Chart

ETH price analysis
ETH price analysis

Bullish and Bearish Scenario

The recent bullish divergence on 21 Sep ’21 20:00 led to a slowing of the earlier price drop and a possible hike in the ETH price may just be around the corner. Negative statements towards cryptocurrency transactions by China’s Central Bank (PBOC ) appears to be losing steam and traders may start scaling up a buy position after an advance above the $3174.50 resistance.

On the other hand, a breach of the $2,652.00 support may hint continuation of the down trend.

ETH Intraday Levels

  • Spot rate: $2916.71
  • Trend: Bearish bias
  • Volatility: Low
  • Support: $2652 and $2733
  • Resistance: $3676.28 and $3174.50

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