- ETH set a local high low yesterday.
- Ethereum rallied again overnight.
- Market set to reverse later today.
Ethereum price analysis is bearish for today as another slightly higher high was set with further upside rejected below the $2,500 mark. Therefore, we expect ETH/USD to reverse later today and start heading lower over the next 24 hours.
Overall, the cryptocurrency market traded with a strong bullish momentum over the last 24 hours. Bitcoin gained around 7.64 percent, while Ethereum almost 5 percent. Dogecoin (DOGE) is among the best performers, with a gain of 4.88 percent.
Ethereum price movement in the last 24 hours: another high thigh set for Ethereum
ETH/USD traded in a range of $2,329.33 – $2,479.85, indicating mild volatility. Meanwhile, the total trading volume has remained almost flat and totals $18.86 percent. The total market capitalization stands around $287.5 billion, resulting in market dominance of 17.7 percent.
ETH/USD 4-hour chart: ETH ready to reverse?
On the 4-hour chart, we can see the Ethereum price not able to gain any further substantial upside, indicating that bulls are exhausted, and we can expect reversal later today.
Ethereum price action has gained more than 40 percent since the last swing low, around $1,725. Over the last days, a slightly higher high was set above the $2,400 previous swing high, indicating that a bullish price action structure is forming.
However, since ETH/USD is overextended now, we can expect another more than week-long retracement to follow over the next few days. Likely we will see Ethereum price finally establish a clear higher swing low around $1,725, which will further indicate a shift in the medium-term momentum.
Once a higher low is set, ETH will likely start pushing higher, with the $2,600 resistance to be broken next. From there, we expect ETH to try to reach the previous all-time high.
Ethereum Price Analysis: Conclusion
Ethereum price analysis indicates bearish momentum to follow over the next days as bulls are exhausted, and only a slightly higher high was set overnight. Therefore, ETH/USD should reverse over the next 24 hours and prepare for another major retracement to the $1.725 previous major support level.
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