Ethereum price analysis is bearish today as we have seen failure to reach further upside and further consolidation over the last 24 hours. Therefore, ETH/USD is ready to reverse and drop lower again, likely to test further lower local lows.
The market has traded slightly in the green over the last 24 hours. The leader, Bitcoin, gained 2.8 percent, while Ethereum gained 3.71 percent. Meanwhile, altcoins such as BNB, SOL, and AVAX were the top gainers of the day.
Ethereum price movement in the last 24 hours: Ethereum consolidates before reversal
ETH/USD traded in a range of $1,100.62 to $1,162.40, indicating mild volatility over the last 24 hours. Trading volume has increased by 0.85 percent, totaling $15.11 billion, while the total market cap trades at $138.55 billion, resulting in market dominance of 15.24 percent.
ETH/USD 4-hour chart: ETH ready to decline further?
On the 4-hour chart, we can see the Ethereum price starting to reverse as any upside attempts are quickly rejected. Therefore, ETH/USD should soon look to move towards the $11,050 next support and potentially break even lower.
Ethereum price action has seen an upsurge over the past week as recovery took place from the $1,000 current swing low. After an initial reaction to $1,100, consolidation followed last week before another spike higher was seen on Monday.
A new higher high was set below $1,175, indicating strong bullish momentum. However, after a retrace and strong higher low, not much upside followed. Upside was rejected for the second time at the $1,175 mark late yesterday, bringing ETH/USD into another consolidation.
Since then, Ethereum price has struggled to reach any higher. Likely reversal will soon follow, setting further lows over the next days. In case further higher local lows are set, we could see another attempt to push higher by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as there have been several rejections for further upside after another push higher late yesterday. This indicates that bulls are still exhausted, and another retracement is needed over the next days before further upside can be targeted. Likely ETH/USD will move to push back to $1,050 previous support, where a strong consolidation area was formed.