- Ethereum price analysis is bearish today.
- ETH/USD saw another drop lower yesterday.
- Reaction higher seen this morning.
Ethereum price analysis is bearish today as we expect the current push higher to not last over the second half of the day. Therefore, ETH/USD should continue lower and test even further downside over the next 24 hours.
The overall cryptocurrency market has traded in the red over the last 24 hours. Bitcoin has lost 4.63 percent, while Ethereum 1.86 percent. Meanwhile, the rest of the top altcoins follow with similar bearish results.
Ethereum price movement in the last 24 hours: Ethereum rallies to $4,200 after another lower low set yesterday
ETH/USD traded in a range of $3,959.23 – $4,229.21, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.66 percent, totaling $23.33 billion. Meanwhile, the total market cap trades around $490.4 billion, resulting in a market dominance of 19.45 percent.
ETH/USD 4-hour chart: ETH tests $4,200 before another drop?
On the 4-hour chart, we can see a reaction higher this morning for the Ethereum price, likely leading to another lower high set.
Ethereum price has seen bearish momentum return over the past week. After a new all-time high was set at $4,840 during the first half of November, a several-day consolidation in an increasingly tighter range followed.
On the 15th of November, ETH/USD attempted to break higher, setting a higher high at $4,770. However, bears took over from there, leading to a strong selloff on the 16th of November. Support was found at $4,100, with a reaction higher to $4,350 early yesterday.
After rejecting further upside, the Ethereum price continued to move lower, spiking to $3,950 overnight. Since then, ETH/USD has recovered some of the loss as another lower high currently gets established.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect the current upsurge to not last for long. ETH/USD will likely set another lower high before pushing towards the current low at $3,950.