Ethereum price analysis is bearish today as we have seen a strong retrace past previous support levels. Additionally, no reversal signs have been made, indicating that ETH/USD will drop even lower later today.
Cryptocurrency heat map. Source: Coin360
The market traded in the red over the last 24 hours. The leader, Bitcoin, lost 5.32 percent, while Ethereum over 8 percent. Meanwhile, the rest of the market has traded with similar results.
Ethereum price movement in the last 24 hours: Ethereum finally breaks lower
ETH/USD traded in a range of $1,605.30 to $1,752.76, indicating strong volatility over the last 24 hours. Trading volume has increased by 28.8 percent, totaling $21 billion, while the total market cap traded around $196.41 billion, resulting in market dominance of 19.23 percent.
ETH/USD 4-hour chart: ETH looks to break past $1,600
On the 4-hour chart, we can see strong selling currently taking place, likely leading Ethereum price to even further lows later today.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has moved with powerful bullish momentum earlier in September, leading towards a clean move past previous resistance levels. A new high was eventually set below $1,800, indicating strong bullish momentum overall.
Further upside did not follow as buyers were finally exhausted. After an initial retrace to $1,700 support, ETH/USD made a quick retest of upside, setting a clear lower local high.
As a result, Ethereum price rapidly started to decline, breaking past the $1,650 next support with strong momentum. Since then, we have not seen ETH/USD experience a substantial reaction higher, meaning that further lows will likely be tested overnight.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong decline as soon as the local lower high was set at $1,760. Likely, ETH/USD will continue even lower later today and look to retrace even more.