Ethereum price analysis is bearish today as we have seen a strong rally higher to the $1,500 resistance and a follow-up spike to $1,550. Right now, ETH/USD clearly rejects further upside, indicating that retrace should follow over the next days.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 6.41 percent, while Ethereum 12.91 percent. Meanwhile, the rest of the market followed close by.
Ethereum price movement in the last 24 hours: Ethereum spiked above $1,500
ETH/USD traded in a range of $1,353.02 to $1,542.35, indicating strong volatility over the last 24 hours. Trading volume has spiked by 279 percent, totaling $38.87 billion, while the total market cap traded around $186.53 billion, resulting in market dominance of 18.82 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
On the 4-hour chart, we can see a reaction from the $1,550 mark, indicating that buyers are finally exhausted, and ETH/USD is about to reverse.
Ethereum price action has seen several weeks of consolidation sideways as no clear trend direction could be set. After failing to move lower last week, ETH/USD started to rally quickly on Sunday.
Quick higher high was initially set at $1,370, where consolidation was seen on Monday. Despite several failures to move higher, ETH could not reverse and start retracing, eventually leading to another strong spike higher.
With a rapid move to $1,500, Ethereum price saw a slight reaction lower, leading to $1,460 mark. However, a deeper retrace could not follow, resulting in a follow-up push to the $1,550 next major resistance. Since then, ETH/USD has seen a reaction lower, likely as a strong retrace will follow over the next days.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong upswing over the last 24 hours, leading to a strong higher high set at $1,550. Therefore, we assume buying pressure is exhausted, and a clear retrace is needed over the next days.