- Ethereum price analysis is bearish for today.
- ETH/USD set a strong higher low at $3,950 yesterday.
- The market spiked to $4,400 overnight.
Ethereum price analysis is bearish today as we expect a reversal to follow after a strong spike higher to $4,400 overnight. Likely ETH/USD will move to set another higher low before continuing higher later in the week.
The crypto market has seen a strong bullish momentum return over the last 24 hours. The market leader, Bitcoin, gained 7.71 percent, while Ethereum 11 percent. Meanwhile, the rest of the top altcoins follow the leaders.
Ethereum price movement in the last 24 hours: Ethereum sets higher high at $3,950, rallied to $4,400
ETH/USD traded in a range of $3,930.81 – $4,422.97, indicating strong volatility over the last 24 hours. Trading volume has increased by 14.87 percent, totaling $26.66 billion, while the total market cap trades around $520 billion, resulting in a market dominance of 21.79 percent.
ETH/USD 4-hour chart: ETH rejects further upside at $4,400
On the 4-hour chart, we can see the Ethereum price action finding strong resistance at $4,400 overnight, likely leading to a retracement later today.
Ethereum price action has seen strong volatility over the past weeks. After moving towards the previous all-time highs at the end of November, ETH/USD peaked at $4,750.
From there, bulls failed to sustain momentum, leading to $4,500 initially and a further drop lower last Friday. Support was found around $3,600, meaning that a strong lower low was set with a quick spike lower.
However, from there, the Ethereum price action saw a quick reaction to $4,200, followed by a higher low established at the $3,950 previous major support. Yesterday, ETH/USD pushed higher again, setting local higher high at $4,400 before slowing down overnight. Likely, Ethereum is currently preparing for another retracement that will set further higher low.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect a retracement to follow after a strong spike higher Yesterday. Therefore, ETH/USD should set another higher low before more upside can be reclaimed.