Ethereum price analysis is bullish today.ETH/USD declined to $1,500 overnight.Slight bullish momentum is seen since morning.
Ethereum price analysis is bullish today as bears failed to break past the $1,500 local support, and a slight reaction higher was seen this morning. Therefore, ETH/USD is ready to push higher and move towards another retest of the $1,600 resistance.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, traded with a slight loss of 3 percent, while Ethereum declined by 4.82 percent. Meanwhile, top altcoins such as ADA, SOL, and AVAX were the worst performers of the day.
Ethereum price movement in the last 24 hours: Ethereum rejects upside, returns to previous support
ETH/USD traded between $1,506.66 to $1,654.43, indicating substantial volatility over the last 24 hours. Trading volume has increased by 114.5 percent, totaling $18.74 billion, while the total market cap trades around $187.44 billion, resulting in a dominance of 18.51 percent.
ETH/USD 4-hour chart: ETH looks to retest $1,600?
On the 4-hour chart, we can see a slight upsurge over the last hours, indicating that another lower local high needs to be set before further retrace can follow.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has moved into consolidation over the past few days. After several days of strong bullish momentum, ETH/USD reached the current high at $1,600, where later, a clear resistance area was established.
Since then, ETH has managed to reach only very slightly higher highs, indicating that the overall medium-term upswing is about to break down and a strong retracement can be expected soon. Additionally, the quick spike higher and an equally strong rejection forced bulls to give up, leading to another test of the $1,500 support.
For now, Ethereum price action still respects this support, indicating that another retest of upside is due next. However, considering the clear rejections for any further upside late last week, we expect ETH/USD to soon break down and look to push towards $1,400 next support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen reaction lower after a test of upside and clear support found at the $1,500 mark. Therefore, ETH/USD is not yet ready to break even lower, and another retest of upside needs to be made before a much stronger can be made.