- ETH resisted $1,600.
- Ethereum is currently testing $1,500.
- More downside is expected overnight.
Ethereum price prediction for today is bearish as the market has reversed to the downside after testing the $1,600 resistance and printing a bearish pin bar on the 4-hour chart.
Cryptocurrency heat map by Coin360
The overall market has seen a decline over the past hours, resulting in the overall 24-hour performance being in the red. Market leaders Bitcoin, Ethereum and Cardano, are set for a further downside after consolidating for most of the day. The largest declines are seen for Binance Coin (BNB) and Cardano (ADA) with negatives of 5,3 and 6,2 percent, respectively.
Ethereum price analysis: ETH set to move lower again after sharply rejecting $1,600 resistance
As mentioned in our previous Ethereum price analysis, Ethereum has a strong decline over the past weeks. From the all-time high of $2,040 to the low of $1,300, Ethereum has lost around 36 percent. Therefore the market has probably exhausted its bearish momentum.
Over the past day, we saw a consolidation around the $1,550 – $1,575 price area after further upside was rejected. After printing a bearish 4-hour, pin-bar ETH eventually started moving lower again and right now trades at the $1,500 support. This Ethereum price action should lead towards more downside over the next hour as the market looks to test the previous swing low, around $1,300 again.
Ethereum price movement in the last 24 hours
Ethereum has traded in a relatively volatile range of $1,496 – $1,597. Trading volume has decreased by 16.8 percent and currently stands at $21.3 billion.
After ETH/USD spent most of the last 24 hours trading around the $1,550 – $1,575 price area, a sharp rejection was made after a bearish pin-bar formed on the 4-hour chart.
ETH/USD 4-hour chart – another push lower after bearish pin-bar
Looking at the 4-hour chart for ETH/USD, we see a clear reversal over the last hours after $1,600 resistance was tested and a bearish pin-bar was formed. Ethereum currently tests $1,500 support, and if it is broken, we should see ETH moving towards the next support at $1,400.
ETH/USD 4-hour chart by TradingView
Overall, Ethereum price is still in a downtrend. After peaking at $2,040 on the 20th of February, the market has declined by 36 percent and set a new several weeks low at $1,300.
Earlier last week, the $1,400 support was tested several times and did invite a lot of bulls into the market. However, after several days of consolidation around the $1,400 – $1500 area, ETH dropped lower again and set the current low.
This caused a massive reaction at the end of last week, resulting in a very bullish push higher on Monday. Ethereum moved around 22 percent in less than 24 hours and reached the $1,600 price mark that currently holds the market from moving higher as it is strong resistance.
After testing the $1,600 resistance with a rejection, ETH set a 4-hour bearish pin-bar that invited sellers into the market. From there on, ETH dropped lower again and currently sits at $1,500. If the $1,500 support is broken, the analyst expects further downside towards the next support around $1,400. Alternatively, we could see another retest of the $1,600 resistance.
Ethereum Price Analysis: Conclusion
Ethereum price prediction is bearish as the market has clearly rejected the $1,600 resistance. The further downside would allow Ethereum to retest the previous low or potentially reverse around the $1,400 support, which would also mean that a new higher low is made.
Therefore, more downside is expected for the meantime, and a short position could be made. However, the best option would be to wait for further Ethereum price action in the form of a higher swing low.
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