Ethereum price analysis is bearish today as we have seen another lower high set at $2,150 after a considerable retracement. Therefore, ETH/USD is ready to drop again and test the $1,725 previous low.
The market has seen bearish momentum resume over the last 24 hours as Bitcoin led the way with a 6.51 percent decline. Ethereum lost even more with a 7.93 percent decline, while the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum begins to drop again
ETH/USD traded in a range of $1,963.27 to $2,139.71, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 34.22 percent, totaling $18.76 billion, while the total market cap trades around $237.25 billion, resulting in a dominance of 19.28 percent.
ETH/USD 4-hour chart: ETH returns below $2,000
On the 4-hour chart, we can see the Ethereum price resuming its decline as another lower high has been established over the last 24 hours.
Ethereum price action has seen further lows tested over this week. After consolidation above $2,200 support, ETH/USD began to rapidly decline on Wednesday, leading to another 30 percent loss.
New low was set at $1,725, with a strong reaction higher seen immediately. Over the following 24 hours, ETH quickly retraced and set another lower high around $2,150, indicating that bearish momentum will soon return.
Overnight, sellers took over the control once again. Ethereum price has since declined back below the $2,000 support, opening the way towards the previous low at $1,725.
However, if bears fail to reach further downside over the next days and set a higher low, we could see the first sign of major trend reversal. In this scenario, it would be important to wait for a higher local high to be set before the change of trend direction is confirmed.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another strong lower high set and selling pressure return overnight. Since the $2,000 local support has already been broken, we expect a lot more downside to follow by the end of the weekend.