Ethereum price analysis is bearish today as we saw a return below the $1,250 major resistance late yesterday and rejection for upside since. Therefore, ETH/USD will likely spend the rest of the day attempting to retrace and set a higher low above $1,150. Once that is done, bulls should take over again and look to reach even further upside later in the week.
The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, lost 0.24 percent as further upside got rejected, while Ethereum a more substantial 1.54 percent. Meanwhile, Dogecoin and Tron are still up 5 and 7 percent as rare exceptions.
Ethereum price movement in the last 24 hours: Ethereum pivots lower again
ETH/USD traded between $1,199.41 to $1,272.13, indicating mild volatility over the last 24 hours. Trading volume has increased by 19.88 percent, totaling $13.35 billion, while the market cap trades around $148.53 billion, resulting in a dominance of 15.5 percent.
ETH/USD 4-hour chart: ETH set to retest $1,150 as support?
On the 4-hour chart, we can see a retracement from the previous local swing higher since late yesterday, indicating that another local higher low needs to be set. Likely the $1,150 previous resistance will likely offer enough support to reverse the Ethereum price back higher later in the week.
Ethereum price action has shown signs of major trend reversal over the past week. The first sign of reversal was the higher low set at $1,050 on 22 June 2022.
Later last week, bullish momentum returned, leading to another steady wave higher. After a clear higher high was set above $1,250 later, ETH/USD moved into consolidation.
Further upside did not follow, leading to a return back below the resistance. Therefore, we can see that ETH looks to retrace right now. The target to watch is the $1,150 mark as it previously served as resistance and would offer good retracement from the last swing higher.
Once that is done, another clear higher low should be set. From there, Ethereum pricer action will likely look to break above the $1,250 much stronger, potentially leading to the next major resistance at $1,450.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as the market has failed to continue higher after a short break of the $1,250 resistance. From there, ETH/USD should continue retracing and retest previous support at $1,150 as resistance.