Ethereum price analysis is bearish today as we have seen a strong push higher back towards the $1,650 resistance and consolidation since then. Therefore, ETH/USD is likely about to reverse and move for another rapid decline.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2 percent, while Ethereum over 6.28 percent. The rest of the market has followed with lesser but still bullish results.
Ethereum price movement in the last 24 hours: Ethereum retraces previous loss
ETH/USD traded in a range of $1,535.54 to $1,651.05, indicating strong volatility over the last 24 hours. Trading volume has increased by just 0.06 percent, totaling $20.15 billion, while the total market cap trades around $199.88 billion, resulting in market dominance of 20.42 percent.
ETH/USD 4-hour chart: ETH ready to return lower?
On the 4-hour chart, we can see failure to move any higher, likely as buyers are exhausted, and Ethereum price action is ready for another wave lower.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded within bullish momentum ever since the last swing low was reached at $1,420. From there, several moves higher eventually led ETH/USD towards the $1,650 resistance.
However, it could not be broken initially, leading to another higher local low set over the weekend. From there, bulls finally gathered enough momentum to break past the $1,650 resistance and peak at $1,680.
Another retrace followed early this week, this time clearly breaking past previous local low support levels until the $1,500 support was reached. Since then, Ethereum price has seen another sharp rally to retest its previous high. Since no further upside was reached, we assume ETH/USD is ready to move for another decline later in the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a return back towards the previous major resistance at $1,650. However, consolidation has been in place since then, indicating that sellers will soon take over the momentum.