Ethereum price analysis is bullish today as we have seen consolidation over the last 24 hours after a strong decline earlier in the week. Therefore, ETH/USD is ready to rally and retest previous highs over the last 24 hours.
Cryptocurrency heat map. Source: Coin360
The market has traded with mixed momentum over the last 24 hours. The leader, Bitcoin, lost 0.13 percent, while Ethereum saw a slight gain of 0.1 percent. Meanwhile, Cardano (ADA) was the top performer, with over 5 percent gain.
Ethereum price movement in the last 24 hours: Ethereum continued to consolidate
ETH/USD traded in a range of $1,541.67 to $1,561.85, indicating low volatility over the last 24 hours. Trading volume has declined by 51.59 percent, totaling $8.22 billion, while the total market cap trades around $189.95 billion, resulting in market dominance of 19.45 percent.
ETH/USD 4-hour chart: ETH set to retest previous high
On the 4-hour chart, we can see Ethereum price action moving sideways, indicating that reversal should soon follow and previous resistance at $1,650 will soon be retested.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen further retrace from the $1,420 previous swing low. After initially testing the $1,600 resistance, ETH/USD hesitated for a couple of days before spiking to $1,650.
Selling pressure returned soon, leading ETH to retest previous lows rather quickly. Support was found at $1,550 this time, with consolidation seen since then.
Ethereum price will likely look to retest its previous local high over the next days as a result. However, another strong wave lower could begin as soon as more downside is tested. Alternatively, if ETH/USD breaks past the $1,650 resistance.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen consolidation at the $1,550 support after a quick retrace from the $1,650 previous local high. Therefore, ETH/USD sellers are likely done for now, and bulls are ready to take over early next week.