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Ethereum price analysis: ETH slowly continues lower, tests $1,450

Ethereum Price analysis 2022 09 16
TL;DR Breakdown
  • Ethereum price analysis is bullish today.
  • ETH/USD rejected further downside.
  • Slight reaction higher currently made.

Ethereum price analysis is bullish today as we have seen strong decline over the past days, and the next support at $1,450 slowly reached over the past hours. Therefore, ETH/USD is ready to retrace and look to set another lower high over the weekend.

Ethereum price analysis: ETH slowly continues lower, tests $1,450 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.53 percent, while Ethereum over 4.3 percent. Meanwhile, the rest of the market has seen mixed results with low momentum.

Ethereum price movement in the last 24 hours: Ethereum failed to recover to $1,500

ETH/USD traded in a range of $1,433.60 to $1,516.21, indicating mild volatility over the last 24 hours. Trading volume has declined by 24.44 percent, totaling $19.12 billion, while the total market cap traded around $178 billion, resulting in market dominance of 18.56 percent.

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ETH/USD 4-hour chart: ETH reacts at $1,450 support

On the 4-hour chart, we can see Ethereum price action slowing down its decline, indicating that another low is set and reversal is due next.

Ethereum price analysis: ETH slowly continues lower, tests $1,450
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen retrace over the past days as bullish momentum ended over the last weekend. A new strong swing high was set just below $1,800, resulting in a slow reversal over the following days.

After initial tests below $1,720 support, ETH/USD began to decline rapidly on Tuesday until the $1,550 mark was reached. From there, quick reaction to $1,650 set a strong lower local high, opening the way for a lot more downside.

Further selloff began yesterday, leading Ethereum price as low as the $1,450 support. Since then, ETH/USD has slowly tested further downside with no clear momentum. Likely this means that sellers are finally exhausted and retrace higher can be expected over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen further attempts to break below $1,450 benign met with slight reactions higher. Therefore, ETH/USD is likely to rally and looks to retest $1,550 previous support as resistance over the weekend.

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.

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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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