Ethereum price analysis is bullish today as we have seen consolidation over the last 24 hours after a strong decline earlier in the week. Therefore, ETH/USD is ready to rally and retest previous highs over the last 24 hours.
The market has traded with mixed momentum over the last 24 hours. The leader, Bitcoin, lost 0.13 percent, while Ethereum saw a slight gain of 0.1 percent. Meanwhile, Cardano (ADA) was the top performer, with over 5 percent gain.
Ethereum price movement in the last 24 hours: Ethereum continued to consolidate
ETH/USD traded in a range of $1,541.67 to $1,561.85, indicating low volatility over the last 24 hours. Trading volume has declined by 51.59 percent, totaling $8.22 billion, while the total market cap trades around $189.95 billion, resulting in market dominance of 19.45 percent.
ETH/USD 4-hour chart: ETH set to retest previous high
On the 4-hour chart, we can see Ethereum price action moving sideways, indicating that reversal should soon follow and previous resistance at $1,650 will soon be retested.
Ethereum price action has seen further retrace from the $1,420 previous swing low. After initially testing the $1,600 resistance, ETH/USD hesitated for a couple of days before spiking to $1,650.
Selling pressure returned soon, leading ETH to retest previous lows rather quickly. Support was found at $1,550 this time, with consolidation seen since then.
Ethereum price will likely look to retest its previous local high over the next days as a result. However, another strong wave lower could begin as soon as more downside is tested. Alternatively, if ETH/USD breaks past the $1,650 resistance.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen consolidation at the $1,550 support after a quick retrace from the $1,650 previous local high. Therefore, ETH/USD sellers are likely done for now, and bulls are ready to take over early next week.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.