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.
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.
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 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.