Ethereum price analysis is bullish today as we have seen a strong break of previous support at $1,700 being met with a reaction higher at the $1,750 support. Therefore, ETH/USD should rebound soon and look to retest $1,900 as resistance.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin lost 2.06 percent, while Ethereum 7.23 percent. Meanwhile, the rest of the top altcoins follow close by.
Ethereum price movement in the last 24 hours: Ethereum finally breaks consolidation, drops over 10 percent
ETH/USD traded in a range of $1,759.20 to $1,978.15, indicating strong volatility over the last 24 hours. Trading volume has increased by 41.43 percent, totaling $20.16 billion, while the total market cap trades around $220.37 billion.
ETH/USD 4-hour chart: ETH looks to retrace next?
On the 4-hour chart, we can see the Ethereum price strongly reacting at the $1,750 mark, indicating that retrace will follow.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen consolidation continue this week as the $1,900 mark offered support. However, since a slightly higher low was set just below $2,100 on Monday, the momentum seemed increasingly more bullish.
Despite this, further upside failed to follow yesterday as ETH/USD continued to consolidate above $1,900. Further, consolidation slowly start to turn into another decline, indicating that a break lower could soon follow.
This was indeed true, as Ethereum price broke past $1,900 overnight. After over a 10 percent drop, support was found at $1,750. Rejection higher has since followed, indicating retracement is incoming over the rest of the week.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bullish today as we expect a strong rebound to follow after a 10 percent drop to $1,750. Therefore, ETH/USD will likely retest the $1,900 mark as resistance by the end of the day.
While waiting for Ethereum to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.
