- Ethereum price analysis is bearish.
- ETH/USD continued to $3,500 yesterday.
- Selling pressure has returned overnight.
Ethereum price analysis is bearish today as selling pressure has returned after a rally to the $3,500 resistance over the last 24 hours. Therefore, we expect ETH/USD to reverse and start retracing some of the gains seen over the past days.
The cryptocurrency market has seen mild bullish momentum over the last 24 hours. The market leader, Bitcoin has gained 0.19 percent, while Ethereum has increased by 2.69 percent. Meanwhile, Tezos (XTZ) is among the best performers, with a gain of 20 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies to $3,500 as bullish momentum returns
ETH/USD traded in a range of $3,271.69 – $3,464.84, indicating mild volatility over the last 24 hours. Trading volume has declined by 7.45 percent and totals $19 billion, while the total market cap trades around $399.12 billion, resulting in market dominance of 18.82 percent.
ETH/USD 4-hour chart: ETH looks to retrace today?
On the 4-hour chart, we can see bearish pressure returning for the Ethereum price action as a significant resistance has been reached.
Ethereum price action saw a sideways consolidation over the past week. After a sharp drop from the previous swing high at $3,650, a drop of more than 25 percent followed until the $2,750 mark.
What followed was a reaction higher to retest the $3,150 previous support as a resistance. Over the following days, ETH/USD traded sideways around the $2,950 mark, with several attempts to go both higher and lower.
On Friday, the Ethereum price action finally gathered enough momentum to break higher. Over the next 24 hours, ETH/USD reached just below the $3,500 next major resistance, with bearish momentum returning today. Overall, we expect ETH to retrace some of the gains over the following days.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for the next 24 hours and beyond as a major resistance was reached yesterday and selling pressure slowly returns. Therefore, we expect ETH/USD to see a reversal back to the downside, with retracement over the first half of next week incoming.
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