Ethereum price analysis is bearish today as we have seen a strong move lower to $1,625 and a quick retest of upside being rejected. Therefore, we assume that bears are not yet done, and ETH/USD is headed towards the $1,600 support next.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, lost 0.73 and 2 percent, respectively. Meanwhile, the rest of the market has followed close by.
Ethereum price movement in the last 24 hours: Ethereum peaks at $1,725
ETH/USD traded in a range of $1,628.12 to $1,698.56, indicating moderate volatility over the last 24 hours. Trading volume has increased by 27.43 percent, totaling $20.25 billion, while the total market cap trades around $204.67 billion, resulting in market dominance of 19.66 percent.
ETH/USD 4-hour chart: ETH ready to continue lower?
On the 4-hour chart, we can see a quick spike higher being met with immediate reaction lower, indicating that further downside will follow overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has slowly retraced over the past days after a severe decline earlier in August. After a double bottom was set around $1,550, ETH/USD started to reverse.
The previous local high was broken at $1,650 on Tuesday, with further buying continuing as higher as the $1,725 mark later in the week. However, any further upside could not be reached since, resulting in a test of the downside once again.
Earlier today, Ethereum price declined as low as the $1,625 mark, where a local higher low is currently set. Recovery higher was attempted shortly after, with strong rejection, indicating that the $1,600 mark is likely to be reached over the next 24 hours.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen steady decline overnight and failure to recover higher over the last hours. ETH/USD will likely move even lower as a result, with the closest support being the $1,600 mark.