- Ethereum price analysis is bearish today.
- ETH/USD rejected upside below $4,350.
- ETH saw selling pressure return this morning.
Ethereum price analysis is bearish today as the upside was rejected at $4,300 after a slight rally yesterday. Therefore, we assume ETH/USD will move lower again to retest previous lows over the next 24 hours.
The overall market traded in the red over the last 24 hours, with Bitcoin down by 1.48 percent. Meanwhile, Ethereum lost 0.46 percent, while Crypto.com Coin (CRO) dominated the market, with a gain of over 17 percent.
Ethereum price movement in the last 24 hours: Ethereum peaks below $4,350, reverses again
ETH/USD traded in a range of $4,148.86 – $4,343.56, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 28.47 percent and totals $17.25 billion, while the total market cap trades around $501 billion, resulting in market dominance of 19.24 percent.
ETH/USD 4-hour chart: ETH tests downside
On the 4-hour chart, we can see the Ethereum price action moving lower again as the upside was rejected, likely leading to a test of previous lows later today.
Ethereum price action has seen bearish momentum return this week. A sharp reversal followed after a several-week rally ended by setting a new all-time high at $4,840 on the 9th of November.
ETH/USD spiked to $4,460, with consolidation in an increasingly tighter range following for several days. On the 15th of November, Ethereum set a higher high before reversing again, leading to a strong lower low set around $4,100.
Since then, the Ethereum price action has slowly attempted to recover, leading to a spike higher overnight. Bearish momentum quickly returned after the $4,350 mark was tested, leading ETH/USD to another move lower so far today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as selling pressure has returned after a spike to $4,350 was seen overnight. Therefore, ETH/USD is not yet ready to move higher, likely resulting in the previous lows tested later today.