Ethereum price analysis is bearish today as we have seen clear selling to the $1,500 support and a quick reaction higher over the past hours. Therefore, ETH/USD will likely soon pivot and look to continue even lower.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.32 percent, while Ethereum 1.94 percent. Meanwhile, the rest of the market has seen similar selling, with the exception of Dogecoin.
Ethereum price movement in the last 24 hours: Ethereum begins to retrace
ETH/USD traded in a range of $1,493.87 to $1,564.32, indicating substantial volatility over the last 24 hours. Trading volume has declined by 20.46 percent, totaling $21.8 billion, while the total market cap traded around $186.84 billion, resulting in market dominance of 18.88 percent.
ETH/USD 4-hour chart: ETH prepares to drop further?
On the 4-hour chart, we can see a quick spike higher over the past hours, leading to a slightly lower local high set and establishing a base from which to drop further.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong bullish momentum over the past days after a several week consolidation was broken. ETH/USD rallied as high as the $1,600 resistance, where a strong swing higher high was set.
From there, ETH began to pivot with a slight consolidation seen on Wednesday. Ever since, selling pressure slowly returned, leading back to the $1,500 support, where a slight reaction higher was seen over the past hours.
However, the $1,550 resistance will likely prevent further upside, leading Ethereum price to set a lower local high and start moving lower from there. Likely ETH/USD will soon start heading even lower and look to target the $1,400 support over the weekend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we saw a strong pivot yesterday and further selling earlier. Therefore, we expect ETH/USD to drop even further and look to target $1,400 next.