Ethereum price analysis is bearish today as we have seen a strong push higher above the $1,900 resistance being met with rejection lower. Therefore, ETH/USD is ready to retrace and look to retest previous resistance at $1,800 as support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.59, while Ethereum by 3.41 percent. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum sets a strong higher high
ETH/USD traded in a range of $1,809.68 to $1,905.44, indicating substantial volatility, while the total trading volume was $24.5 billion, up by 14.64 percent from yesterday. Meanwhile, the total market cap traded at around $231.58 billion, resulting in a market dominance of 20 percent.
ETH/USD 4-hour chart: ETH looks to retrace
On the 4-hour chart, we can see Ethereum price rejecting back below $1,900 resistance, likely leading back lower over the next days.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong higher low set at $1,680 and another push higher over the past few days. Previous resistance at $1,800 was broken in a strong way yesterday, indicating that more upside will follow.
Further upside followed overnight as ETH/USD targeted the $1,900 next resistance. During the middle of the day, bulls already had reached it, with a brief spike above ir later in the evening.
However, after a brief break higher, Ethereum price reached $1,950 before quickly reacting lower. Therefore, we expect ETH/USD to see a quick retrace over the next days to set another strong higher low before further upside follows.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we expect a retrace to follow after a strong higher high was set earlier today. Likely ETH/USD is now ready to retrace and move to retest previous support as resistance.