- Ethereum price analysis is bearish today.
- ETH/USD set another higher high.
- Retracement is likely to follow today.
Ethereum price analysis is bearish today as we expect another brief retracement to follow after another higher high was set with a quick spike higher. Likely, ETH/USD will set another higher high before more upside is tested.
The cryptocurrency market overall has seen bullish momentum continue over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 5.66 and 4.07 percent. Meanwhile, Terra (LUNA) is up by 16 percent and is the top performer.
Ethereum price movement in the last 24 hours: Ethereum respects $3,900 support, spikes higher
ETH/USD traded in a range of $3,928.16 – $4,149.03, indicating strong volatility over the last 24 hours. Trading volume has increased by 3.31 percent, totaling $15.78 billion. Meanwhile, the total market cap trades around $487.7 billion, resulting in a market dominance of 20.34 percent.
ETH/USD 4-hour chart: ETH starts to retrace
On the 4-hour chart, we can see the Ethereum price action moving into a retracement after a new higher high was set at $4,157.
Ethereum price has seen a steady decline over the past weeks. Once the $4,3650 mark was reached, higher lows were finally set, indicating an upcoming reversal.
After a series of lower lows, ETH/USD broke higher initially on the 21st of December. A higher high was set at $4,080. The following retracement established a strong higher low, leading to a strong spike lower yesterday.
Ethereum price peaked at $4,157 this time, setting another strong higher high and further indicating that the market structure is reversing. Likely we will see ETH/USD set a higher low next before further upside is tested next week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect a retracement to follow after a strong spike higher yesterday. Likely, ETH/USD will look to set another higher low before further upside is tested next week.