Ethereum price analysis is bearish today as we saw a strong decline yesterday, ending at the $1,270 support. ETH/USD has started to retrace and moved back above $1,300, where further upside currently is rejected, indicating another wave lower later today.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.28 percent, while Ethereum gained 0.46 percent. Meanwhile, the rest of the market saw mixed results.
Ethereum price movement in the last 24 hours: Ethereum retests previous lows
ETH/USD traded in a range of $1,271.15 to $1,308.90, indicating mild volatility over the last 24 hours. Trading volume has increased by 31.95 percent, totaling $9 billion, while the total market cap traded around $159.85 billion, resulting in market dominance of 17.22 percent.
ETH/USD 4-hour chart: ETH retests $1,300 as resistance
On the 4-hour chart, we currently see strong rejection at $1,300, indicating that further selling will take place overnight.
Ethereum price action has traded without a clear direction over the past weeks as recovery above the $1,400 previous high failed last Tuesday. ETH/USD immediately returned to previous lows, indicating that further sideways action would follow.
From there, ETH retraced to $1,350, where another short-term consolidation followed and set a local lower high. However, since no further upside followed, selling pressure returned yesterday, slowly leading back below $1,300 support.
Ethereum price could not sustain enough pressure towards the $1,250 overnight, leading back above the $1,300 mark today, where some resistance has already been found. Likely ETH/USD will look to move even lower over the next days, to finally break the $1,250 support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a reaction higher and a retest of $1,300 after a substantial drop over the weekend. Therefore, we expect ETH/USD to start declining once more soon and drop towards the $1,250 support as it is the next major support.