- Ethereum price analysis is bearish today.
- ETH/USD set a new all-time high at $4,460.
- Selling pressure returned overnight.
Ethereum price analysis is bearish today as selling pressure returned shortly after a new all-time high was set at $4,460. Therefore, we assume ETH/USD is not yet ready to reach further upside, and another retracement that sets a higher low is needed.
The cryptocurrency market mostly saw bullish pressure over the last 24 hours. The market leader, Bitcoin, gained 0.93 percent, while Ethereum lost 0.22 percent shortly after setting a new all-time high. Meanwhile, Binance Coin (BNB) is among the top performers, with a gain of more than 5 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies above $4,400, selling pressure returns shortly after
ETH/USD traded in a range of $4,295.42 – $4,455.74, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 29.5 percent and totals $17.6 billion, while the total market cap trades around $509 billion, resulting in market dominance of 19.42 percent.
ETH/USD 4-hour chart: ETH to retrace before more upside can be seen?
On the 4-hour chart, we can see Ethereum price moving lower again as bulls are exhausted after setting a slightly higher high yesterday.
Ethereum price action has seen sideways movement over the past weeks. A retracement followed after a strong rally took ETH/USD just under the $4,400 all-time high mark on the 21st of October.
Support was found above $3,900 previous high. After several days of bullish momentum, another drop to the support was seen on the 27th of October. However, Ethereum saw a strong rally over the following 24 hours, leading to the $4,400 mark again.
After some initial resistance, the Ethereum price finally broke higher, setting a new all-time high at $4,460. However, bearish momentum quickly returned, sending the market back below $4,400 overnight. ETH/USD likely will continue lower over the next 24 hours as a new higher low needs to be set before more upside can be reached.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as the market dropped back below the $4,400 all-time high overnight. Therefore, we expect BNB/USD to continue lower and look to set another higher low before another attempt to push higher is made.
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