Ethereum price analysis is bearish today as we have seen swift move back to the $1,650 previous high, where resistance prevented further upside. From there, ETH/USD will likely start moving lower and look to set another higher low.
The overall market has traded with mixed results over the last 24 hours. The leader, Bitcoin, gained 1.18 percent, while Ethereum lost 0.74 percent. The rest of the market saw similar undecisive results.
Ethereum price movement in the last 24 hours: Ethereum forms double top reversal
ETH/USD traded in a range of $1,617.54 to $1,660.49, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.47 percent, totaling $15.48 billion, while the total market cap traded around $199.8 billion, resulting in market dominance of 18.87 percent.
ETH/USD 4-hour chart: ETH ready to return below $1,600?
On the 4-hour chart, we can see Ethereum price action starting to move lower, likely leading back below $1,600 support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong swing high set at the end of October at the $1,650 resistance. Steady retrace followed immediately, leading ETH/USD towards the $1,500 support over the course of several days.
A slightly higher low was set on Wednesday, leading to consolidation formed before another attempt to move higher was seen overnight to Friday. From there, ETH retested the $1,650 major resistance, with a clear reaction as soon as the mark was tested, indicating that double top reversal will soon be set.
Over the past hours, Ethereum price action has started to move lower, indicating that further downside will be reached later in the weekend. Likely ETH/USD will look to set another higher low above $1,500 before more upside can be seen. Alternatively, if the $1,500 mark breaks, we expect a lot more selling to follow next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a rally back to the $1,650 previous high with a clear respect for the resistance seen over the past hours. Therefore, ETH/USD should begin to decline once more over the next hours, likely as another higher local low will be set.