Today’s Ethereum price analysis is bearish as we saw a rapid push towards $1400 and a failure to the upside in the last few hours. Therefore, we expect ETH/USD to reverse direction soon and retest the previous resistance as support.
The market has been trading in the green for the last 24 hours. The best-performing Bitcoin was up 4.9% while Ethereum was up 4.4%. The rest of the market followed behind with similar results.
Ethereum price action in the last 24 hours: Ethereum makes higher highs
ETH/USD has been trading in a range from $1,314.18 to $1,396.89 and has shown significant volatility over the last 24 hours. Trading volume increased 4.68 percent to a total of $16 billion, while the total market capitalization was around $170 billion, resulting in a market dominance of 17.5 percent.
ETH/USD 4-hour chart: Should ETH come back?
We can see consolidation on the 4-hour chart starting in the morning as sellers are ready to retrace some of the gains made last night.
Ethereum price action has been consolidating in a continuously narrowing range for several days. Resistance was found below $1,350 and was retested last weekend.
At the end of the weekend, ETH/USD started moving below the $1,300 support and quickly formed another bottom with a clear resistance to further declines. ETH started to climb from there and broke the previous resistance of $1,350 overnight.
Another rally took place to $1,400, the next major resistance, which marks a significantly higher high. However, since then, not much growth has followed as consolidation in a narrow range is seen throughout the day. As a result, we expect Ethereum price to start dropping soon with the aim of setting another low later this week.
Ethereum Price Analysis: Conclusion
Today’s Ethereum price analysis is bearish as we see a strong rally to the upside and a strong higher high near $1400. Hence, ETH/USD has peaked for now and will return to retest the previous resistance as further support awaits.