Ethereum price analysis is bearish today.ETH/USD still tests $3,500 resistance.Buying pressure is currently weak.
Ethereum price analysis is bearish today as we have seen further tests of upside benign rejected at the $3,500 resistance. Therefore, ETH/USD is likely headed lower for another retracement early next week.
Cryptocurrency heat map. Source: Coin360
The market has turned slightly bearish over the last 24 hours. The leader, Bitcoin, lost 0.84 percent, while Ethereum 0.64 percent. The rest of the market follows a similar pattern of slightly bearish results.
Ethereum price movement in the last 24 hours: Ethereum tests $3,500 resistance
ETH/USD traded in a range of $3,421.26 – $3,521.28, indicating mild volatility over the last 24 hours. Trading volume has declined by 32.88 percent, totaling $17.38 billion, while the total market cap trades around $420.5 billion, resulting in a dominance of 19.46 percent.
ETH/USD 4-hour chart: ETH looks to pivot lower?
On the 4-hour chart, we can see the Ethereum price failing to rally further, indicating an upcoming shift in momentum.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has moved above previous major swing highs this week. After another higher low was set at $3,200, ETH/USD spiked slightly above $3,500 early yesterday.
Since then, another rejection was made later in the day, leading to further consolidation below the resistance. Bullish momentum still seems exhausted, indicating that another test of downside will follow shortly.
Therefore, as long as another higher low is set above $3,200, ETH/USD should be ready to rally much higher. Alternatively, the several-week rally could finally break down.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen resistance tested with rejection. Likely ETH/USD lacks momentum to reach further upside for now and another retracement that sets higher low needs to be made first.