- Ethereum price analysis is bearish today.
- ETH/USD found strong resistance below $4,100.
- Selling pressure slowly returns.
Ethereum price analysis is bearish today as we saw the $4,100 resistance prevent further upside after a slow move higher yesterday. Therefore, we expect ETH/USD to drop again, likely moving past the $3,900 previous support.
The cryptocurrency market has mostly seen bullish results over the last 24 hours. The market leader, Bitcoin, has increased by 2.6 percent, while Ethereum 0.48 percent. Meanwhile, Crypto.com Coin (CRO) is the top performer from the major altcoins as it gained over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies to $4,100, begins to consolidate
ETH/USD traded in a range of $3,988.87 – $4,095.65, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 43.48 percent, totaling $14.69 billion. Meanwhile, the total market cap trades around $479 billion, resulting in a market dominance of 21.06 percent.
ETH/USD 4-hour chart: ETH prepares to reverse?
On the 4-hour chart, we can see further upside rejected for the Ethereum price action, likely leading to another drop lower over the next 24 hours.
Ethereum price has seen bearish momentum return over the past week. After a strong recovery from the previous massive spike to $3,600, ETH/USD peaked below $4,500 on the 9th of December.
From there, bears took over again, pushing the market towards the previous low around $3,900. Further downside was rejected yesterday, leading to a slow upside reaction over the last 24 hours.
Resistance was found at $4,100 earlier today, with the market consolidating since. Likely the Ethereum price action currently prepares for another push lower as bears are not done yet.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we saw the $4,100 mark prevent more upside after a slow rally higher yesterday. Therefore, ETH/USD is not yet ready to move any higher and another push lower should be seen early next week.