- Ethereum price analysis is bearish today.
- ETH/USD currently sets another local lower high.
- Ethereum is likely to test the $3,650 support again.
Ethereum price analysis is bearish today as another move higher currently sets another lower high, indicating that ETH will return back to the $3,650 support. Therefore, we expect more downside from ETH/USD over the next 24 hours, however, as long as the support holds, we assume reversal will follow later this week.
The overall market traded with mixed results over the last 24 hours, with Bitcoin up only 0.52 percent. Meanwhile, Ethereum has lost 0.9 percent, while Fantom (FTM) is the top performer, with a gain of 9.4 percent.
Ethereum price movement in the last 24 hours: Ethereum sets another lower local high
ETH/USD traded in a range of $3,686.75 – $3,853.74, indicating low volatility over the last 24 hours. Trading volume has increased by 9.17 percent and totals $17.68 billion, while the total market cap trades around $488 billion, resulting in the market dominance of 18 percent.
ETH/USD 4-hour chart: ETH to test $3,650 support again?
On the 4-hour chart, we can see Ethereum price preparing to move lower again, likely moving to test the $3,650 support again.
Ethereum price action has seen a strong increase so far in October. After breaking out of previous consolidation area resistance at $3,150, ETH/USD rallied to $3,650, establishing a clear swing high.
After several days of slow retracement, another move higher was seen on the 13th of October, this time taking ETH just below the $4,000 mark. Since then, bearish momentum has returned, slowly pushing ETH lower.
Previous resistance of $3,650 has been retested as support over the weekend, with buying pressure preventing the market price from further downside. Yesterday, a slightly higher low was set above the support, indicating that consolidation in an increasingly tighter range could be forming above the support.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as further upside was not seen today, indicating that another lower local high has been set. Therefore, we expect ETH/USD to move towards the $3,650 support again over the next 24 hours.
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