Ethereum price analysis is bearish today as we have seen failure to retrace further return below the $1,050 support. Therefore, ETH/USD is likely to continue even lower and break past the $1,000 support over the next days. Once that is done, we expect ETH/USD to target the $900 next major support.
Cryptocurrency heat map. Source: Coin360
The market has traded with low volatility over the last 24 hours. The leader, Bitcoin, lost 0.35 percent, while Ethereum 0.15 percent. Meanwhile, the rest of the market followed close by with similar results.
Ethereum price movement in the last 24 hours: Ethereum rejects upside, ready to drop further?
ETH/USD traded in a range of $1,033.96 to $1,084.50, indicating mild volatility. Trading volume has declined by 30.29 percent, totaling $13 billion, while the total market cap trades around $126.77 billion, resulting in a dominance of 14.64 percent.
ETH/USD 4-hour chart: ETH ready to break past $1000?
On the 4-hour chart, we can see bearish momentum taking over again as the upside was rejected overnight again. Likely the current move past the $1,050 mark will be a catalyst for more downside to come later this weekend.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong decline over the course of the week. From the $1,280 high, ETH/USD declined by over 21 percent to the $1,000 support, meaning that the previous local low was clearly broken.
Therefore, the market sentiment has turned bearish again. After a quick retrace to $1,120, rejection for further upside was seen yesterday. From there, ETH moved into consolidation at around $1,050.
Another quick test of upside followed overnight, with another rejection for upside immediately. Ethereum price moved even lower later, indicating that bearish pressure is building up once again.
Overall, this price action development indicates that more downside is to come over the weekend. The first local support to break is the current swing low at $1,000. From there, ETH/USD should move towards the $900 mark.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen further rejections for recovery and consolidation over the last 24 hours. Likely ETH/USD will soon continue even lower and look to break past the $1,000 support, which would open up the way for more downside next week.