The price of Ethereum (ETH) has been rising sharply over the past several days, and it has reached a new all-time high of $300. This puts Ethereum on track for a new all-time high as well. Right now the cryptocurrency is up by 12% in USD terms, by 15% in BTC terms, and by 8.5% in ETH terms.

The Ethereum price is jumping at a tremendous rate today, breaking above $200 for the first time since it was trading at $2,000. This surge follows a steady uptrend that began in early October, which started at $100, and has since been pushing higher. A major catalyst is likely to be the news that Ethereum has outpaced Bitcoin in terms of mining difficulty, with the latest PoW algorithm “Ethash” coming online in October.

TL;DR Breakdown

  • ETH moved lower yesterday.
  • Support found around $2,000.
  • Market likely to retrace some of the loss.

Ethereum price analysis indicates bullish momentum today as a sharp spike ower to the $2,000 support was seen overnight. From there, ETH/USD rejected further downside, indicating that we will see retracement later today.

ETH/USD 4-hour chart. Source: TradingView

Ethereum Price Analysis: ETH spike to $2,000 succeeds, reversal today?

The overall market structure has turned bearish over the past week after ETH reached $2,400 high and failed to move higher. This price action development ended the several-week rally seen at the end of June and the beginning of July, indicating that we can expect a lot more downside later this month.

Over the past days, we saw ETH/USD consolidate around $2,100-$2,150 until a rapid spike lower was seen yesterday. The Ethereum price quickly reached the $2,000 support and saw a slight rejection for further downside. This price action development indicates that Ethereum is ready to retrace some of the loss and establish another lower high.

Once another lower high is set, ETH/USD will likely aim to reach further downside, with the next support level around $1,900.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for today as the market saw a sharp decline overnight, with the $2,000 mark preventing further downside. Therefore, we expect ETH/USD to reverse later today and try to establish another lower high.

While waiting for Ethereum to reverse, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

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.

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