Ethereum Price Analysis: ETH spikes lower one more time, support found at $2,640

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    TL;DR Breakdown

    • Ethereum price analysis is bullish for today.
    • ETH/USD saw another spike lower overnight.
    • Ethereum is currently moving back towards $3,000.

    Ethereum price analysis is bullish for today as another spike lower was seen overnight, with a strong rejection following. Therefore, we expect ETH/USD to rally today and look to return above $3,000.

    Ethereum Price Analysis: ETH spikes lower one more time, support found at $2,640 1
    Cryptocurrency heat map. Source: Coin360

    The overall market traded in the red over the last 24 hours. Bitcoin lost 1.8 percent, while Ethereum declined by 3.79 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of almost 6 percent.

    Ethereum price movement in the last 24 hours: Ethereum spiked to $2,640 support

    ETH/USD traded in a range of $2,676.41 – $3,101.70, indicating large volatility over the last 24 hours. Trading volume has increased by 5.14 percent and totals $30.34 billion, while the total market capitalization trades around $344.5 billion, resulting in the market dominance of 18.41 percent.

    ETH/USD 4-hour chart: ETH starts to recover

    On the 4-hour chart, we can see the Ethereum price action pushing higher this morning as bulls want to return above the $3,000 mark.

    Ethereum Price Analysis: ETH spikes lower one more time, support found at $2,640
    ETH/USD 4-hour chart. Source: TradingView

    Ethereum price action continues to trade in a bearish momentum this week. After an initial spike lower on the 7th of September, ETH/USD established support around $3,100-$3,200.

    After some sideways movement, a slight rally was seen on the 15th of September, with Ethereum price peaking at $3,650 this time. From there, another slow decline followed and resulted in a strong decline on Monday.

    Initial support was found around $2,900, while another spike lower overnight took ETH/USD to $2,640. However, we see strong rejection from the $2,640 support, likely meaning further upside to follow today.

    Ethereum Price Analysis: Conclusion 

    Ethereum price analysis is bullish today as another spike lower was seen overnight, with an immediate rejection for further downside. Therefore, we expect ETH/USD to regain some of the loss and likely return above the $3,000 mark later today.

    While waiting for Ethereum to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

    Disclaimer. The information provided is not trading advice. Cryptopolitan.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.