- ETH continued to rally yesterday.
- Spike above $2,400 seen overnight.
- Ethereum is ready to retrace lower.
Ethereum price analysis indicates bearish momentum to follow over the next 24 hours as further upside got rejected once again. Therefore, we expect ETH/USD to start declining and move towards another retest of $1,725 major support level.
The overall cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin has declined by 3.8 percent, while Ethereum is up by 1.37 percent. Solana (SOL) is among the best performers with a gain of around 7 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies above $2,400 again
ETH/USD traded in a range of $2,285.96 – $2,446.14, indicating mild volatility over the last 24 hours. Trading volume has increased by 14 percent and totals $18.8 billion. Meanwhile, the total market capitalization trades around $274 billion, resulting in market dominance of 17.88 percent.
ETH/USD 4-hour chart: ETH prepares for a strong decline?
On the 4-hour chart, we can see the Ethereum price rejecting further upside after another push above the $2,400 mark.
Ethereum price action has rallied by more than 40 percent over the past week after support around $1,725 was retested on the 20th of July. This was a result of an equally strong rally that started from the same $1,725 support in June, with resistance eventually reached at $2,400.
Therefore, Ethereum effectively has created a trading range of $1,725-$2,400. Until either a clear higher high or lower low is set, we can expect further sideways action over the upcoming weeks.
As of now, the upper boundary around $2,400 gets tested for the second time in a couple of days, meaning that we will likely not see any further upside. Therefore, ETH/USD is expected to reverse over the weekend and start heading towards the $1,725 support again.
Ethereum Price Analysis: Conclusion
Ethereum price analysis indicates bearish momentum to follow over the next 24 hours as further upside got rejected earlier today and the $2,400 resistance still holds. Therefore, we expect ETH/USD to reverse and start heading towards the $1,725 support next.
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