Ethereum price analysis is bearish today as we have seen more downside tested over the last 24 hours. ETH/USD has reached the $2,040 mark, from which reversal could soon happen.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by almost 10 percent, while Ethereum followed with a 9.56 percent decline. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum fails to retrace, tests further downside
ETH/USD traded in a range of $2,662.58 to $2,898.83, indicating substantial volatility over the last 24 hours. Trading volume has increased by 63.18 percent, totaling $27.2 billion, while the total market cap trades around $321.29 billion, resulting in a dominance of 19.48 percent.
ETH/USD 4-hour chart: ETH rejects downside again
On the 4-hour chart, we can see a rejection candle forming at the $2,650, indicating reversal will soon follow.
Ethereum price has seen more downside over the last days as the market peaked at the $2,950 and retested previous major resistance. Since a major higher high was not set, ETH/USD quickly pivoted and declined by over 9 percent to the $2,700.
From there, a slight reaction higher followed latte yesterday, leading to some consolidation overnight. However, retracement did not follow, sending ETH for another drop.
This time, the next support at $2,650 was tested, setting an even stronger lower low for the medium-term trend. Since then, Ethereum price has seen a slight reaction higher, indicating that retracement could finally come over the weekend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong drop met with rejection at the $1,650 mark. Therefore, we expect a retracement to retest previous support levels as resistance over the next days.