Ethereum price analysis is bearish today as we expect the current retest of $1,800 previous support as resistance to end with another lower local high set. From there, ETH/USD should head lower and target the $1,700 major support next.
The market has traded in the green over the last 24 hours as Bitcoin gained 0.16 percent. Ethereum gained a more substantial 0.98 percent, while Solana and Avalanche were the top performers from the major altcoins.
Ethereum price movement in the last 24 hours: Ethereum fails to recover above $1,800
ETH/USD traded in a range of $1,760.78 to $1,810.30, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.7 percent, totaling $8 billion, while the total market cap totals $215.97 billion, resulting in market dominance of 17.63 percent.
ETH/USD 4-hour chart: ETH ready to drop further?
On the 4-hour chart, we can see rejection at the $1,800 resistance, likely as bears prepare to take over the momentum once again early next week.
Ethereum price action has seen a swift decline from the $2,000 mark over the past days. After an initial drop to $1,800, ETH/USD had lost around 10 percent.
Later in the week, consolidation followed above $1,800. The downside was rejected again on Thursday, potentially indicating that more upside is to come.
However, reversal did not follow, leading to another swift push lower, this time to the $1,750 mark on Friday. Since then, Ethereum price has slowly retraced to retest the $1,800 previous support as resistance, likely meaning that we can expect another lower local high to be set.
This price development means that further downside can be expected early next week. The next target to the downside is the $1,700 mark, and, if broken, would open up the way for a lot more bearish momentum over the rest of June.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a steady retrace and reaction at the $1,800 previous support. Therefore, ETH/USD should soon reverse and continue testing even further lows.