Ethereum price analysis is bearish today as we have seen a strong push higher above previous swing highs with not much further upside reached since morning. Therefore, we assume that DOGE/USD bulls are exhausted again, and the market is ready to retest the downside.
Cryptocurrency heat map. Source: Coin360
The market has traded with strong bullish momentum over the last 24 hours. The leader, Bitcoin, gained 7.13 percent, while Ethereum has gained almost 10 percent. Meanwhile, the rest of the top altcoins have followed close by.
Ethereum price movement in the last 24 hours: Ethereum spikes over 10 percent higher
ETH/USD traded in a range of $1,481.44 to $1,666.88, indicating strong volatility over the last 24 hours. Trading volume has increased by 60.83 percent, totaling $27.74 billion, while the total market cap trades around $198.6 billion, resulting in market dominance of 18.89 percent.
ETH/USD 4-hour chart: ETH ready to decline?
The 4-hour chart shows strong resistance found below $1,680, indicating that reversal will soon follow.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a slow reversal at the end of last week as new highs were rapidly rejected. After the last rejection on Monday, ETH/USD rapidly declined, indicating that strong retracement can be expected later in the week.
From there, a quick drop lower reached past $1,400 next support, eventually setting a new low at $1,360. Quick reaction higher followed quickly, leading to another retest of upside.
Bullish pressure continued until late yesterday when a slightly higher high was briefly set. However, since then, ETH/USD has started consolidating and has shown signs of rejection for further upside. Therefore, we expect Ethereum price action to decline quickly, likely leading back to the $1,500 support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a higher high set after a strong spike higher. However, ETH/USD has since consolidated, indicating that reversal will follow over the rest of the week.