Ethereum price analysis is bearish today as we have seen a strong push higher back towards the $1,650 resistance and consolidation since then. Therefore, ETH/USD is likely about to reverse and move for another rapid decline.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2 percent, while Ethereum over 6.28 percent. The rest of the market has followed with lesser but still bullish results.
Ethereum price movement in the last 24 hours: Ethereum retraces previous loss
ETH/USD traded in a range of $1,535.54 to $1,651.05, indicating strong volatility over the last 24 hours. Trading volume has increased by just 0.06 percent, totaling $20.15 billion, while the total market cap trades around $199.88 billion, resulting in market dominance of 20.42 percent.
ETH/USD 4-hour chart: ETH ready to return lower?
On the 4-hour chart, we can see failure to move any higher, likely as buyers are exhausted, and Ethereum price action is ready for another wave lower.
Ethereum price action has traded within bullish momentum ever since the last swing low was reached at $1,420. From there, several moves higher eventually led ETH/USD towards the $1,650 resistance.
However, it could not be broken initially, leading to another higher local low set over the weekend. From there, bulls finally gathered enough momentum to break past the $1,650 resistance and peak at $1,680.
Another retrace followed early this week, this time clearly breaking past previous local low support levels until the $1,500 support was reached. Since then, Ethereum price has seen another sharp rally to retest its previous high. Since no further upside was reached, we assume ETH/USD is ready to move for another decline later in the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a return back towards the previous major resistance at $1,650. However, consolidation has been in place since then, indicating that sellers will soon take over the momentum.