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Analyzing Ethereum Price: Will it Spike even Lower after Retesting $1,300?

Due to a sharp decline in the price of Ethereum in the past 24 hours and the subsequent test of prior support, today’s analysis of the price is negative. The ETH/USD pair is expected to drop even further later today, and if it does, it will target $1,175 as support.

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Analysis of the Current Price of Ethereum

The market has generally moved in a negative direction over the past 24 hours. Compared to Bitcoin’s market leader, Ethereum fell 5.33 percent. Ripple had the best performance for the day, gaining more than 9% against the trend.

ETH/USD traded in a wide range of $1,229.43-$1,384.48, demonstrating significant volatility. Market value stands at $156.97 billion, but trading volume has risen by 75.93% to $23.9 billion, giving it a 16.99% share.

Ethereum’s price has fluctuated with several lower lows and highs over the past several weeks. After hitting the previous low at $1,300, ETH/USD consolidated below $1,400 this week. A further decrease is likely to follow.

Yesterday’s late rejection of further recovery suggests that further selling will occur tonight after a brief jump over $1,400. After breaching the $1,250 support, ETH’s price lost another 13%, indicating that the bottom has been reached.



Ethereum’s price has since climbed rapidly back up to the $1,300 barrier, where it reached its last low. Furthermore, the price of ETH/USD has been trending downward once again over the last several hours, suggesting that sellers will continue to sell over the next 24 hours.