Ethereum price analysis is bearish today as we have seen consolidation and another spike lower to the $1,000 mark. Therefore, we expect ETH/USD to push even lower, opening the way for a lot more downside to be reached by the end of the month.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours again. The leader, Bitcoin, lost 7.86 percent, while Ethereum 8.67 percent. The rest of the top altcoins have followed close by with similar bearish results.
Ethereum price movement in the last 24 hours: Ethereum fails to recover as consolidation breaks lower
ETH/USD traded in a range of $986.85 to $1,095.56, indicating substantial volatility over the last 24 hours. Trading volume has declined by 15.43 percent, totaling $14.86 billion, while the total market cap trades around $121.27 billion, resulting in market dominance of 14.36 percent.
ETH/USD 4-hour chart: ETH looks to break $1,000?
On the 4-hour chart, we can see a pause at the $1,000 mark, likely as a slight reaction higher will follow over the next hours before more downside is seen later in the weekend. However, given the current bearish market structure, we expect further downside to follow once that is done.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong selling pressure over the past weeks. From the last swing high at $1,900, ETH/USD has already lost over 45 percent, indicating that bears should be exhausted.
Additionally, the past lower lows have reached only a slight downside, while the following reaction higher retested the $1,250 mark, indicating a reversal slowly forming. However, since another slightly lower low was set overnight at $1,000, the trend is still bearish.
Therefore, we expect ETH to break even lower soon. Likely, yesterday`s consolidation area will be retested as resistance before another lower local high is set. From there, bears should have enough momentum to finally break the $1,000 mark in a clear way.
Once the $1,000 mark is broken, we expect the Ethereum price to fall to the next psychological support level at $900. If it can not be reached, a reversal could follow early next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another steady decline and retest of the $1,000 support. Since a clear reaction higher has not followed, we assume bears will soon look to push the market even lower. However, a slight local retrace could be seen later in the day to set up the next spike lower.