Ethereum price analysis is bearish today as we have seen a strong higher high set at $1,800 and a consolidation that turned into a break lower over the past hours. Therefore, we expect ETH/USD to retrace further and looks to decline below $1,680.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.46 percent, while Ethereum 5.98 percent. Meanwhile, the rest of the top altcoins have followed close by.
Ethereum price movement in the last 24 hours: Ethereum breaks previous high
ETH/USD traded between $1,700.88 to $1,802.08, indicating strong volatility over the last 24 hours. Trading volume has increased by 111.29 percent, totaling $16.52 billion, while the market cap trades around $208.35 billion, resulting in a dominance of 18.93.
ETH/USD 4-hour chart: ETH looks to break $1,680?
On the 4-hour chart, we can see Ethereum price action trading with strong selling pressure over the past hours, indicating that a break below the $1,680 support will soon follow.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong bullish momentum over the past few days as a new swing high was reached around $1,800. ETH/USD moved into consolidation and swiftly broke past the $1,760 support.
From there, ETH began to decline rapidly earlier today, leading back towards the previous local low at $1,680. Currently, bears are trying to break even lower, likely resulting in further selling pressure until the end of the day.
Overall, we expect Ethereum price action to set another local higher low soon and begin setting a base for the next push higher, likely above the $1,800 resistance as the overall, several-week momentum is still bullish.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a substantial decline from previous resistance as the $1,800 mark served as resistance. Therefore, we expect further retrace and another higher low to be set over the next few days.