- Ethereum price analysis is bearish today.
- ETH/USD found a new higher high at $2,800.
- Strong selling was seen over the past hours.
Ethereum price analysis is bearish today as we have seen a clear higher high set at the $2,800 mark, where strong resistance was found. Today, ETH/USD already started to retrace as the market looks to prepare another higher low from which to continue higher.
The crypto market has declined over the last 24 hours after strong buying pressure yesterday. The market leader, Bitcoin, lost 2.94 percent, while Ethereum retraced by 3.13 percent. The rest of the top altcoins have seen similar price action.
Ethereum price movement in the last 24 hours: Ethereum finds strong resistance at $2,800, looks to set another higher low
ETH/USD traded in a range of $2,648.62 – $2,802.32, indicating a moderate amount of volatility. Trading volume has declined by 15.14 percent, totaling $11.9 billion. Meanwhile, the total market cap trades around $318.8 billion, resulting in market dominance of 18.53 percent.
ETH/USD 4-hour chart: ETH begins retracment
On the 4-hour chart, we can see the Ethereum price quickly dropping over the last hours, indicating the beginning of retracement.
Ethereum has seen strong signs of recovery once again over the past few days. After previously failing to break the $2,700 resistance, another higher low was set at $2,500 on Monday.
From there, strong buying pressure took ETH/USD above the resistance until the $2,800 mark. After some consolidation yesterday, selling pressure slowly returned earlier today, eventually leading back below the $2,700 mark.
Overall, we can see the Ethereum price forming a very bullish market structure over the last week. We can expect the current retracement to continue over the next 24 hours before another higher low is likely to be set and the market continues higher from there.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we see retracement beginning in the afternoon. Likely ETH/USD will continue even lower over the next 24 hours, and a new higher low will be set.