- Ethereum price analysis is bearish today.
- ETH/USD spiked lower late yesterday.
- Recovery back to $2,600 resistance seen overnight.
Ethereum price analysis is bearish today as we have seen the $2,600 resistance preventing upside again in a strong way. Therefore, ETH/USD likely is not yet ready to break higher and more tests of downside will follow.
The market has seen mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, are both in the green with a slight increase of 0.45 and 0.89 percent, respectively. Meanwhile, most of the top altcoins have seen small losses, with Avalanche (AVAX) being the worst performer as it has lost over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum retests $2,500 support, rallies back to previous resistance overnight
ETH/USD traded in a range of $2,503.89 – $2,604.03, indicating mild volatility over the last 24 hours. Trading volume has increased by 50.64 percent, totaling $10.92 billion, while the total market cap trades around $310.25 billion, resulting in a dominance of 17.84 percent.
ETH/USD 4-hour chart: ETH looks to move even lower?
On the 4-hour chart, we can see the Ethereum price currently respecting the $2,600 resistance, leading to believe more tests of downside will follow soon.
Ethereum price action has continued to trade in a narrow range over the past days. After a strong high was set on the 9th of March, ETH/USD quickly retraced to $2,550 areas, where consolidation has taken place since.
Several attempts to move both lower and past the $2,600 resistance have been unsuccessful over the last days, indicating indecision in the market. Late yesterday, bears quickly pushed ETH to set a lower local low, indicating bearish sentiment forming.
Today the Ethereum price consolidates below $2,600 once more, likely as bears prepare for further downside tests. Overall, the current market structure indicates that more downside should follow over the next 24 hours.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen further lower lows tested below the previous consolidation. Therefore, the current retest of resistance could lead ETH/USD into a more serious selloff over the next 24 hours.