- Ethereum price analysis is bearish today.
- ETH/USD has set a lower high at $4,000.
- Selling pressure returned this morning.
Ethereum price analysis is bearish today as another lower high has been set at $4,000 overnight. Therefore, we expect ETH/USD to push lower again, leading to $3,650 current major support.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, trades with just 0.19 percent gain, while Ethereum has lost 0.93 percent. Meanwhile, Dogecoin (DOGE) is the worst performer, with a loss of 7.45 percent.
Ethereum price movement in the last 24 hours: Ethereum retraces to $4,000, sets another lower high
ETH/USD traded in a range of $3,902.96 – $4,018.66, indicating low volatility over the last 24 hours. Trading volume has declined by 42 percent, totaling $15.68 billion, while the total market cap trades around $464.6 billion, resulting in a market dominance of 21 percent.
ETH/USD 4-hour chart: ETH looks to test downside again?
On the 4-hour chart, we can see the Ethereum price peaking at $4,000, likely meaning another push lower will follow next.
Ethereum price has seen a steady decline over the past weeks after recovery from the massive selloff on the 4th of December set a strong lower high at $4,500. Since then, ETH/USD has moved towards the previous low, finding a slightly higher major swing low at $3,650 this week.
Additionally, a descending trendline can be drawn from the lower highs set over the past weeks, indicating potential reversal points later in the month. With the support area around $3,600-$3,700, ETH/USD can be seen trading in a descending triangle consolidation pattern.
Since we saw the Ethereum price retest the trendline as it peaked at $4,000 overnight, we can now expect another drop lower. Previously a slightly higher low was set at $3,700, potentially indicating bullish momentum forming. However, until a strong break above the trendline is seen, we expect the current consolidation to continue over the next days.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we saw another lower high set along a several-week descending trendline. Therefore, we expect ETH/USD to move lower again and look to continue consolidation in a descending triangle pattern.