Ethereum price analysis is bearish today.ETH/USD spiked lower late yesterday.Recovery back to $2,600 resistance seen overnight.
Ethereum price analysis is bearish today as we have seen the $2,600 resistance preventing upside again in a strong way. Therefore, ETH/USD likely is not yet ready to break higher and more tests of downside will follow.
Cryptocurrency heat map. Source: Coin360
The market has seen mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, are both in the green with a slight increase of 0.45 and 0.89 percent, respectively. Meanwhile, most of the top altcoins have seen small losses, with Avalanche (AVAX) being the worst performer as it has lost over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum retests $2,500 support, rallies back to previous resistance overnight
ETH/USD traded in a range of $2,503.89 – $2,604.03, indicating mild volatility over the last 24 hours. Trading volume has increased by 50.64 percent, totaling $10.92 billion, while the total market cap trades around $310.25 billion, resulting in a dominance of 17.84 percent.
ETH/USD 4-hour chart: ETH looks to move even lower?
On the 4-hour chart, we can see the Ethereum price currently respecting the $2,600 resistance, leading to believe more tests of downside will follow soon.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has continued to trade in a narrow range over the past days. After a strong high was set on the 9th of March, ETH/USD quickly retraced to $2,550 areas, where consolidation has taken place since.
Several attempts to move both lower and past the $2,600 resistance have been unsuccessful over the last days, indicating indecision in the market. Late yesterday, bears quickly pushed ETH to set a lower local low, indicating bearish sentiment forming.
Today the Ethereum price consolidates below $2,600 once more, likely as bears prepare for further downside tests. Overall, the current market structure indicates that more downside should follow over the next 24 hours.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen further lower lows tested below the previous consolidation. Therefore, the current retest of resistance could lead ETH/USD into a more serious selloff over the next 24 hours.