logo

Ethereum price analysis: ETH slowly retests $1,600, another lower high set?

Ethereum Price analysis 2022 11 01

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD saw test of the $1,600 resistance overnight.
  • Current consolidation likely to turn into a reversal soon.

Ethereum price analysis is bearish today as we have seen a lower high set at $1,600 and consolidation over the past hours. Therefore, we expect ETH/USD to soon start moving even lower, likely to test the $1,500 support later in the week.

Ethereum price analysis: ETH slowly retests $1,600, another lower high set? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.89 percent, while Ethereum almost 2 percent. Meanwhile, Dogecoin (DOGE) was the top performer, with an almost 17 percent gain.

Ethereum price movement in the last 24 hours: Ethereum fails to drop further

ETH/USD traded in a range of $1,555.92 to $1,623.05, indicating mild volatility over the last 24 hours. Trading volume has increased by 19.45 percent, totaling $18.37 billion, while the total market cap traded around $194.66 billion, resulting in a dominance of 19.07 percent.

ETH/USD 4-hour chart: ETH ready to decline further?

On the 4-hour chart, we can see a slight reaction lower over the past hours, likely leading to further decline over the next days.

Ethereum price analysis: ETH retests $1,600, another lower high set?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with strong bullish momentum during the middle of October. After several waves higher, a new swing high was set at $1,650. However, substantial retrace is yet to follow.

Over the last weekend, ETH steadily retraced, setting a local higher low around $1,556. From there, an attempt to move higher failed, resulting in further lower local high.

Selling continued late yesterday, again without strong momentum. Since then, Ethereum price has tested the $1,600 resistance and formed consolidation. Likely ETH/USD will soon break down again, with the target to set another slightly lower local low as the overall momentum is still weak.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen retest of previous highs result in a clear lower local high set over the past hours. Additionally, ETH/USD has already reacted lower, likely as selling will soon follow.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve 

[the_ad_placement id=”writers”]

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.

Related News

Hot Stories

What is Leverage Trading in Crypto
Avalanche price analysis: Bearish momentum drags AVAX below $20.00  mark
How Can Cryptocurrencies be Frozen on a Blockchain?
Fidelity Investment's crypto chief leaves position
What is Copy Trading?

Follow Us

Industry News

Fidelity Investment's crypto chief leaves position
Celsius operations model mislead investors: Reports
OpenSea Vs Blur: Who is winning the NFT marketplace game?
Coinbase unveils new security features for NFTs
Cardano stablecoin DJED is now live on mainent

Add Your Heading Text Here