Ethereum price analysis is bearish today as we expect decline to follow after a strong rally to the $2,000 major resistance. ETH/USD will likely look to drop even further as another swing lower high has been set.
The market still trades in the green over the last 24 hours. The leader, Bitcoin, gained 2.71 percent, while Ethereum gained 2.42 percent, despite a reaction lower over the past hours. Meanwhile, Cardano (ADA) is the top performer, with over 15 percent spike higher.
Ethereum price movement in the last 24 hours: Ethereum begins to retrace
ETH/USD traded in a range of $1,888.84 to $2,005.49, indicating substantial volatility over the last 24 hours. Trading volume has increased by 29.65 percent, totaling $19.3 billion, while the total market cap trades around $235.3 billion, resulting in a dominance of 18.15 percent.
ETH/USD 4-hour chart: ETH is on its way below $1,900
On the 4-hour chart, we can see selling pressure taking over today as bulls are exhausted after spiking to the $2,000 major resistance.
Ethereum price action has seen increased volatility over the past days as the previous consolidation range was broken. After ETH/USD broke past $1,900, selling took place until the $1,700 mark was reached on Friday.
From there, a slow reversal followed over the weekend. On Sunday, ETH saw a healthy push higher, eventually leading back to the $2,000 major resistance.
Since then, the $2,000 mark has offered clear resistance. Ethereum price has already started to pivot and show the first bearish signs, meaning that another drop should follow over the next days.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen the end of the previous advance at the $2,000 major resistance. Overnight, selling pressure returned, leading to the first tests of downside earlier today.