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Ethereum Price Analysis: ETH peaks below $4,500, swiftly moves for a retracement

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD found resistance at $4,500 yesterday.
  • The market saw strong retracement over the past hours.

Ethereum price analysis is bearish today as we saw further upside rejected below $4,500, sending the market into a reversal. So far, ETH/USD has moved back below $4,200 support/resistance with more downside likely to follow as bears look to set another higher low.

Ethereum Price Analysis: ETH peaks below $4,500, swiftly moves for a retracement 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a bearish momentum return over the last 24 hours, with Bitcoin down by 4.58 percent. Ethereum saw an even worse performance, with a loss of around 5.4 percent. Meanwhile, the rest of the top altcoins follow with similar negative results. 

Ethereum price movement in the last 24 hours: Ethereum retraces below $4,200

ETH/USD traded in a range of $4,176.51 – $4,482.31, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by  5.24 percent, totaling $18.7 billion, while the total market cap trades around $493.8 billion, resulting in a market dominance of 21.69 percent.

ETH/USD 4-hour chart: ETH looks to set another higher low

On the 4-hour chart, we can see the Ethereum price rapidly retracing today as further higher low needs to be set before more upside can be tested.

Ethereum Price Analysis: ETH peaks below $4,500, moves for a retracement
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen strong swings both ways over the past weeks. After consolidation formed during the second half of November, ETH/USD saw a strong rally towards previous highs by the end of the month.

A strong higher high was set around $4,750 on the 1st of December, indicating that the market is regaining bullish momentum. However, a strong spike lower followed last Friday, leading to around a 25 percent drop to $3,600 by the start of the weekend.

Since then, the Ethereum price has seen recovery, with the $4,200 mark initially offering resistance. After a strong higher low set on Monday, ETH/USD continued even higher, reaching above $4,400. Likely we will see another higher low set over the next 24 hours before more upside will be tested during the end of the week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we saw continuous selling pressure throughout the day. Therefore, ETH/USD is headed to set another higher low, with a lot more room for further downside. 

While waiting for Ethereum to move further, see our articles on Gochain wallet, Fiat wallets, and Trust wallet.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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