- Ethereum price analysis is bearish today.
- ETH/USD peaked at $4,840.
- Closest support at $4,650 previous support.
Ethereum price analysis is bearish today as bulls are likely exhausted after setting a strong higher high at $4,840 overnight. Therefore, we expect ETH/USD to retrace over the next 24 hours and retest the previous high at $4,650 as support.
The overall market saw bullish momentum continue over the last 24 hours. Bitcoin gained 2.58 percent, while Ethereum 0.79 percent. Meanwhile, Litecoin (LTC) dominated the market, with a gain of 18 percent.
Ethereum price movement in the last 24 hours: Ethereum reaches $4,840 as bullish momentum slows down
ETH/USD traded in a range of $4,710.24 – $4,837.59, indicating moderate volatility over the last 24 hours. Trading volume has increased by 17.66 percent and totals $19.54 billion, while the total market cap trades around $564 billion, resulting in the market dominance of 19.35 percent.
ETH/USD 4-hour chart: ETH set to test $4,650 as support next?
On the 4-hour chart, we can see bearish momentum slowly returning for the Ethereum price action, likely leading to a retracement over the next 24 hours.
Ethereum price action saw continuous growth over the past weeks with clear higher highs and lows set. After previously peaking at $4,650, ETH/USD retraced over the second half of last week, setting a higher low at $4,350.
From there, Ethereum swiftly reversed, reaching the previous high by Monday. Further upside followed, leading ETH to set a new all-time high early Today.
However, currently, the bullish momentum has become exhausted. We expect Ethereum price action to retrace some of the gain to establish a higher low before continuing higher. Likely support will be found at the previous high resistance at $4,650.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as rejection for further upside can be seen over the past hours after a new all-time high was set at $4,840. Therefore, we expect ETH/USD to reverse and move to retest the previous high as support next.