Ethereum price analysis is bearish today as we have seen steady consolidation turn into a weak test of upside. Therefore, we can expect another local lower high to be set and Ethereum to return towards the $1,900 major support.
Cryptocurrency heat map. Source: Coin360
The market has seen slight bullish momentum over the last 24 hours. Bitcoin gained 1.77 percent, while Ethereum gained 1.89 percent. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum consolidates as bulls cannot regain control
ETH/USD traded in a range of $1,966.04 to $2,030.91, indicating mild volatility over the last 24 hours. Trading volume has declined by 19.21 percent, totaling $9.7 billion, while the total market cap trades around $243.48 billion, resulting in a dominance of 19 percent.
ETH/USD 4-hour chart: ETH looks to set another lower high
On the 4-hour chart, we can see a weak test of upside, likely leading to more tests of downside early next week.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen stabilization over the past week. Consolidation followed around the $2,000 mark, with slightly lower highs set twice, indicating that ETH/USD is slowly returning to the downside.
However, the downside failed to be reached on Friday, resulting in a steady consolidation yesterday. Since then, ETH has moved above the $2,000 mark again with slow momentum.
Likely Ethereum price will set another lower local high as bulls cannot regain control over the market. This should cause another drop towards the $1,900 local support, which, if broken, would likely trigger another strong selloff to the $1,700 current swing low later next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another lower high set at $2,040. Therefore, unless more upside follows soon, we expect ETH/USD to return lower, break past the $1,900 local low, and continue with the several-week bearish trend.