Ethereum price analysis is bearish today as we have seen a quick reaction higher to the $1,400 resistance, setting another lower high. Therefore, ETH/USD is ready to continue even lower and looks to drop below $1,300 support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.13 percent, while Ethereum 0.66 percent. Meanwhile, the rest of the market has declined with similar results.
Ethereum price movement in the last 24 hours: Ethereum sets another lower high
ETH/USD traded in a range of $1,326.91 to $1,388.27, indicating substantial volatility over the last 24 hours. Trading volume has declined by 30.91 percent, totaling $15.11 billion, while the total market cap trades around $164.33 billion, resulting in market dominance of 17.81 percent.
ETH/USD 4-hour chart: ETH looks to return lower
On the 4-hour chart, we can see selling pressure taking over Ethereum price action again, likely leading to a lot more downside over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen further decline over the past weeks. After several days of declining, ETH/USD reached previous major support at $1,400 last weekend, potentially indicating that the decline will stop.
However, reversal did not follow as only a slightly higher local high was set. From there, ETH continued lower, rapidly breaking towards the next support at $1,300.
Retrace began early in the morning, leading Ethereum price back towards the $1,400 resistance. Therefore, a lower local high is set, and selling pressure will soon continue along with the overall trend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a lower high set below $1,400 and selling pressure taking over during the day. Therefore, ETH/USD is likely to head back even lower and look to break past previous support at $1,300 to continue along with the overall several-week bearish momentum.