Ethereum price analysis is bearish today as we have seen a strong reaction from the $1,650 after a strong rally yesterday. Since then, ETH/USD has already started to sell off, likely as further retrace will follow over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.19 percent, while Ethereum 1.69 percent. Meanwhile, Dogecoin is still the top gainer, with an over 14 percent increase.
Ethereum price movement in the last 24 hours: Ethereum begins to reverse
ETH/USD traded in a range of $1,595.28 to $1,652.38, indicating mild volatility over the last 24 hours. Trading volume has declined by 18.43 percent, totaling $17.37 billion, while the total market cap traded around $195.8 billion, resulting in market dominance of 19.16 percent.
ETH/USD 4-hour chart: ETH prepares to break $1,600
On the 4-hour chart, we can see active test of the $1,600 support, which should lead towards further decline over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong bullish momentum over the past days, leading as high as the $1,600 resistance. However, substantial retrace did not follow as ETH/USD found support at $1,500.
From there, ETH spiked higher once more, reaching the next resistance at $1,650. Reaction lower followed rather quickly, leading to a steady decline overnight back to the $1,600 support.
Considering that the Ethereum price has not seen any bullish signs since, we expect further decline to continue later today. Likely ETH/USD will start the next week with further selling,m which could turn into a more serious retrace in case the $1,500 previous low is broken.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong reversal play out over the last 24 hours. Therefore, ETH/USD is likely headed for a much more substantial retrace, likely leading toward the $1,500 support.