Ethereum price analysis is bearish today as we have seen a strong move higher above the previous high and the next major swing high at $1,720 being broken. Therefore, we expect ETH/USD to reverse and start retracing over the weekend.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 10.73 percent, while Ethereum gained 5.3 percent. Meanwhile, the rest of the market followed with close results.
Ethereum price movement in the last 24 hours: Ethereum continued higher
ETH/USD traded in a range of $1,615.42 to $1,735.81, indicating substantial volatility over the last 24 hours. Trading volume has declined by 2.8 percent, totaling $20 billion, while the total market cap trades around $209.69 billion, resulting in a market dominance of 20.1 percent.
ETH/USD 4-hour chart: ETH looks to retrace over the weekend?
Looking at the 4-hour chart, we can see Ethereum price action rejecting upside at the $1,720 resistance, indicating reversal is due next.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has moved with strong bullish momentum over the past week as a strong rebound from the $1,500 support took place. The newly set low was clearly below the previous local low, indicating that bears are taking over the market.
However, a strong rally higher followed until the $1,650 resistance, where consolidation began early yesterday. Reversal did not follow, as bullish momentum reputed overnight to today, leading ETH/USD towards the next major resistance at $1,720.
Since then, Ethereum price has briefly spiked above $1,720, with clear rejection seen over the past hours. Likely this will lead ETH/USD even lower over the weekend and towards setting another higher low.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen higher high set and further upside rejected. Therefore, ETH/USD is about to retrace lower and look to set another higher low to continue the overall bullish trend.