Ethereum price analysis is bearish today as we have seen a strong spike higher once again, breaking past the previous high in a clear way and rallying to $1,500. Therefore, ETH/USD should soon try to reverse again and retrace at least some of the gains.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.45 percent, while Ethereum gained over 9 percent and was the top performer for the day. Meanwhile, the rest of the top altcoins followed with close results with few exceptions.
Ethereum price movement in the last 24 hours: Ethereum breaks consolidation to the upside
ETH/USD traded between $1,329.76 to $1,493.23, indicating strong volatility over the last 24 hours. Trading volume has increased by 11 percent, totaling $23.84 billion, while the total market cap trades around $179.55 billion, resulting in a dominance of 17.71 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
On the 4-hour chart, we can see signs of resistance at the $1,500 mark, indicating that bulls are exhausted, and the market is about to retrace.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong bullish momentum over the past days. From the last swing low above $1,000, ETH/USD has clearly regained strong bullish momentum, leading to a strong higher high set over the weekend.
From there, consolidation around $1,350 followed for almost 24 hours before another spike higher followed. This time, the $1,500 mark was reached, indicating another strong higher local high.
However, since then, we have seen slight rejection for further upside. Likely this will lead Ethereum price even lower as bears look to set another local higher low.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong rally towards the $1,500 mark since the start of the day, where resistance was found at $1,500. Therefore, we assume that bullish momentum is exhausted and a reversal is about to follow over the next days.