Ethereum price analysis: ETH spikes to $3,150, ready for a further selloff?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD broke $2,950 resistance overnight.
• Spike to $3,150 seen today.

Ethereum price analysis is bearish today as we have seen a strong spike higher stop below the $3,150. Therefore, we will likely see ETH/USD pivot soon and return to test even further downside over the next days.

The market has seen a strong rally over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 4.16 and 6.68 percent, respectively. Meanwhile, the rest of the market follows closely.

Ethereum price movement in the last 24 hours: Ethereum breaks above consolidation, gains 10 percent

ETH/USD traded in a range of $2,867.31 – $3,132.38, indicating strong volatility over the last 24 hours. Trading volume has increased by 19 percent, totaling $14.3 billion, while the total market cap traded around $372.4 billion, resulting in a dominance of 18.82 percent.

ETH/USD 4-hour chart: ETH has peaked at $3,150?

On the 4-hour chart, we can see the Ethereum price slowing down below $3,150, potentially meaning a new high has been set, and more downside can not be tested.

Ethereum price saw a strong new swing high set below $3,300 last week after a several-week push higher. From there, ETH/USD retraced around 13 percent before starting to mode sideways below $2,950 resistance.

Over the weekend, ETH traded relatively calmly until more upside pressure returned early yesterday. After initial resistance at the $2,950 mark, the market started to rapidly move higher overnight, indicating a strong push higher will follow today.

More upside was indeed seen today. The Ethereum price action gained over 14 percent from the last low relatively quickly, with resistance seen at 3,150 over the last hours. Therefore, we expect ETH/USD to have peaked again, indicating more downside to follow over the next days.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we expect a reversal to follow after a strong spike higher. Likely ETH/USD will pivot and more to test even further downside for the rest of this week.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.