Ethereum price analysis is bearish today as we have seen a strong spike above the previous high being met with an immediate reaction lower. Therefore, ETH/USD peaked and is ready to retrace previous gains.
Cryptocurrency heat map. Source: Coin360
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, lost 0.75 percent, while Ethereum has gained 0.67 percent. Meanwhile, the rest of the market followed with similarly mixed results.
Ethereum price movement in the last 24 hours: Ethereum rallies above previous high
ETH/USD traded between $1,195.61 to $1,275.78, indicating substantial volatility over the last 24 hours. Trading volume has declined by 29.82 percent, totaling $13.75 billion, while the total market cap trades around $150.38 billion, resulting in a dominance of 16.06 percent.
ETH/USD 4-hour chart: ETH retests upside before a further selloff
The 4-hour chart shows a strong push lower since morning, indicating a major pivot point in the market has been set. Likely Ethereum price will quickly retest its previous high over the next hours before further downside is reached.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong volatility over the past week, forming a very wide consolidation area with support above $1,000 and resistance around $1,250. After the last swing low and quick rejection higher, ETH/USD regained almost all the previous losses on Thursday.
From there, ETH slowly advanced higher on Friday, eventually breaking past the $1,280 previous high for a brief while. Reaction lower followed immediately once more, indicating another pivot point in the market.
Additionally, the current retest of upside will likely result in a lower local high, which will set up the base for another move lower. Likely we can expect another drop tomorrow, with the $1,725 mark being broken again to the downside.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong push higher once more late yesterday, leading to another swing higher high set. Therefore, we assume bulls are exhausted, and ETH/USD is ready to retrace towards further downside.