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Ethereum price analysis: ETH moves to $1,500, swiftly retests upside 

Ethereum Price analysis 2022 10 28

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • Lower high set over the past hours.
  • Selling pressure is likely to return overnight.

Ethereum price analysis is bearish today as we have seen clear selling to the $1,500 support and a quick reaction higher over the past hours. Therefore, ETH/USD will likely soon pivot and look to continue even lower.

Ethereum price analysis: ETH moves to $1,500, swiftly retests upside  1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.32 percent, while Ethereum 1.94 percent. Meanwhile, the rest of the market has seen similar selling, with the exception of Dogecoin.

Ethereum price movement in the last 24 hours: Ethereum begins to retrace

ETH/USD traded in a range of $1,493.87 to $1,564.32, indicating substantial volatility over the last 24 hours. Trading volume has declined by 20.46 percent, totaling $21.8 billion, while the total market cap traded around $186.84 billion, resulting in market dominance of 18.88 percent.

ETH/USD 4-hour chart: ETH prepares to drop further?

On the 4-hour chart, we can see a quick spike higher over the past hours, leading to a slightly lower local high set and establishing a base from which to drop further.

Ethereum price analysis: ETH moves to $1,500, swiftly retests upside
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with strong bullish momentum over the past days after a several week consolidation was broken. ETH/USD rallied as high as the $1,600 resistance, where a strong swing higher high was set.

From there, ETH began to pivot with a slight consolidation seen on Wednesday. Ever since, selling pressure slowly returned, leading back to the $1,500 support, where a slight reaction higher was seen over the past hours.

However, the $1,550 resistance will likely prevent further upside, leading Ethereum price to set a lower local high and start moving lower from there. Likely ETH/USD will soon start heading even lower and look to target the $1,400 support over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we saw a strong pivot yesterday and further selling earlier. Therefore, we expect ETH/USD to drop even further and look to target $1,400 next.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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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