Ethereum price analysis is bullish today as we expect the $1,900 support to prevent further downside once more. Therefore, ETH/USD should continue to consolidate and return back above the $2,000 mark.
The market has seen strong selling over the last 24 hours. Bitcoin has declined by 4.33 percent, while Ethereum has 6.32 percent. The rest of the top altcoins continued even lower with around 7-10 percent losses across the market.
Ethereum price movement in the last 24 hours: Ethereum declines back to $1,900
ETH/USD traded in a range of $1,920.69 to $2,074.32, indicating substantial volatility over the last 24 hours. Trading volume has increased by 4.88 percent, totaling $14.6 billion, while the total market cap stands at $233.4, resulting in market dominance of 18.89 percent.
ETH/USD 4-hour chart: ETH looks to reverse?
On the 4-hour chart, we can see a slowdown of the decline at $1,900 previous major support, likely meaning that another test of upside will follow during the middle of the week.
Ethereum price action has seen further sideways action over the weekend and the start of this week. Despite a slightly higher high set at $2,100 late yesterday, ETH/USD lacked the momentum to keep going.
The lack of momentum led to quick drop back below $2,000 overnight, with further downside testing as low as the $1,900 mark. However, as long as the support holds, we can expect further upside to follow later in the week.
Likely Ethereum will return above the $2,000 and look to set another local higher low. Alternatively, if the $1,900 mark breaks, BTC should see a strong drop to the $1,700 current swing low.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish as the market has dropped back to $1,900 major support and slowed down over the last hours. Therefore, we expect a reaction higher over the next 24 hours, likely to proceed with testing further local highs.