Ethereum price analysis is bearish today as we have seen a slight pullback to $1,350, where a lower local high is currently set. Therefore, ETH/USD is ready to continue even lower and spike below $1,300 previous major support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained almost 2 percent, while Ethereum gained 0.3 percent. Meanwhile, Ripple (XRP) gained 6 percent and was the top performer among the major altcoins.
Ethereum price movement in the last 24 hours: Ethereum fails to continue lower
ETH/USD traded in a range of $1,319.20 to $1,378.68, indicating mild volatility over the last 24 hours. Trading volume has declined by 12.16 percent, totaling $13.52 billion, while the total market cap traded around $165.2 billion, resulting in market dominance of 17.7 percent.
ETH/USD 4-hour chart: ETH targets $1,300 overnight?
On the 4-hour chart, we can see another lower local high set at $1,350, indicating that selling pressure should soon return.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong selling pressure over the past weeks. From the previous major swing high, ETH/USD has already retraced over 25 percent, indicating potential exhaustion for bears.
However, no signs of reversal have been made over the past few days. Both further lower low and lower high have been set, indicating strong bearish trend.
From the last resistance at $1,400, ETH has already started to move lower, likely leading to a lot more downside over the rest of the week. Ethereum price action will likely target to break the $1,300 previous low and spike towards the $1,250 next support as a result.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen retrace with weak momentum that currently forms another lower local high. Therefore, ETH/USD should soon resume declining and break towards the $1,250 next major support.