- Ethereum price analysis is bearish today.
- ETH/USD retested support at $3,950 yesterday.
- Spike to $4,400 seen overnight.
Ethereum price analysis is bearish today as we expect further downside to follow after a failure to breach above the $4,400 resistance earlier today. Since then, ETH/USD has moved into a consolidation, likely as bears prepare to push the market lower once again.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has increased by 4.83 percent, while Ethereum by almost 6 percent. Meanwhile, most of the top altcoins follow with similar results.
Ethereum price movement in the last 24 hours: Ethereum quickly gains 10 percent, finds resistance below $4,400 again
ETH/USD traded in a range of $3,989.97 – $4,370.54, indicating strong volatility over the last 24 hours. Trading volume has spiked by 45.82 percent, totaling $19 billion, while the total market cap trades around $512.6 billion, resulting in a market dominance of 19.99 percent.
ETH/USD 4-hour chart: ETH consolidates before another drop?
On the 4-hour chart, we can see the Ethereum price consolidating below the $4,400 mark after a sharp spike higher earlier today as bears prepare for another push lower.
Ethereum price has seen strong volatility over the past weeks after a sharp drop from the previous all-time highs was seen around 15-18th of November. Support was found at $3,950, with a higher low set last Monday, potentially indicating bullish momentum forming.
After setting a strong higher high at $4,550 on the 25th of November, ETH saw a strong selloff early last Friday. Support at $3,950 was tested again, with the price briefly moving below it this time.
After some reaction higher, further tests of downside were rejected yesterday. Ethereum price quickly reversed overnight, moving above the $4,200 mark until the $4,400 resistance was reached. Since then, we have seen consolidation below the resistance, indicating a reversal could be seen back to the downside later today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect the current spike higher to end at the $4,400 current resistance, leading to move lower again over the next 24 hours. Therefore, we expect ETH/USD to have established another lower high, likely leading to a retest of previous lows later this week.