Ethereum price analysis is bearish today as we have seen a strong spike higher overnight and a reaction at the $1,900 major resistance. Therefore, ETH/USD will likely soon set another lower high and pivot lower from there.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 5.66 percent, while Ethereum by 6.26 percent. Meanwhile, the rest of the top altcoins saw similar results.
Ethereum price movement in the last 24 hours: Ethereum gains over 6 percent
ETH/USD traded in a range of $1,782.21 to $1,915.03, indicating strong volatility over the last 24 hours. Trading volume has increased by 84.38 percent, totaling $14.78 billion, while the total market cap trades around $230.67 billion, resulting in a dominance of 17.96 percent.
ETH/USD 4-hour chart: ETH ready to decline?
On the 4-hour chart, we can see rejection for further upside at the $1,900 mark, indicating that Ethereum price is ready to continue lower later this week.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has set another higher low over the weekend, which, together with the previous lower high at $2,000, indicates that the market is moving into a consolidation with an increasingly tighter range.
After the last low was found at $1,750 on Friday, ETH/USD slowly moved higher, reaching above $1,800. From there, a quick spike followed after small rejections yesterday, leading to $1,900 by the start of today.
This Ethereum price action development means that another lower high will likely be set soon. In this case, we expect ETH to move lower over the next days and aim to set another higher local low to continue the current consolidation pattern.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong push higher end with reaction at the $1,900 previous resistance. Therefore, ETH/USD is ready to reverse and set another higher low.