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Ethereum price analysis: ETH begins decline, support at $1,720 still holds

Ethereum Price analysis 2022 09 12
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD peaked at $1,790 yesterday.
  • Support at $1,720 still holds.

Ethereum price analysis is bullish today as we have seen failure to move any higher and previous lows tested at the $1,720 support. Likely ETH/USD will move for another push lower later today, beginning a much more substantial several day retrace later in the week.

Ethereum price analysis: ETH begins decline, support at $1,720 still holds 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.82 percent, while Ethereum lost 0.96 percent. Meanwhile, the rest of the top altcoins traded in between.

Ethereum price movement in the last 24 hours: Ethereum continues reversal

ETH/USD traded in a range of $1,721.63 to $1,782.73, indicating mild volatility over the last 24 hours. Trading volume has increased by 30.71 percent, totaling $16.27 billion, while the total market cap traded at $213.57 billion, resulting in market dominance of 19.87 percent.

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ETH/USD 4-hour chart: ETH looks to continue lower?

On the 4-hour chart, we can see Ethereum price action reacting slightly higher as bears prepare to break past the $1,720 support.

Ethereum price analysis: ETH begins decline, support at $1,720 still holds
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen several days of bullish momentum from the $1,500 support. After an initial rally to $1,650, ETH/USD began consolidating on Friday, indicating a lower high will be set.

However, further upside quickly followed during the weekend, leading to the next resistance at $1,720. Another consolidation failed to reverse the market, with a quick spike setting the current high at $1,790.

Since then, Ethereum price has formed steady reversal consolidation and started to retest previous lows. Therefore, we expect the current retest of upside to create a base from which to break past the $1,720 previous low.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen steady reversal below $1,800 and a quick drop to $1,720 previous support. From there, ETH/USD has made a slight reaction lower, indicating that a lower local high will be set and selling pressure will return soon. 

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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