Ethereum price analysis is bearish today as we have seen a strong higher high set above $1,350 previous resistance and selling pressure slowly return. Therefore, we expect ETH/USD to retrace and set a higher local low over the next few days.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.88 percent, while Ethereum gained 2.93 percent. Meanwhile, the rest of the market saw similar performance.
Ethereum price movement in the last 24 hours: Ethereum continued to advance
ETH/USD traded in a range of $1,306.68 to $1,368.43, indicating substantial volatility over the last 24 hours. Trading volume has increased by 79 percent, totaling $12.96 billion, while the total market cap traded around $164.74 billion, resulting in market dominance of 17.66 percent.
ETH/USD 4-hour chart: ETH looks to retrace?
On the 4-hour chart, we can see reaction lower and selling pressure return since midnight, likely leading to further retrace over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded within a consolidation over the past week. After failing to break the $1,350 resistance, ETH/USD retraced as low as the $1,275 support, meaning a clear consolidation area was formed.
Further downside was not seen as ETH rejected break lower on Friday. As a result, bulls took over the momentum, slowly leading back above $1,300 over the weekend.
Yesterday, a slight retrace retested the $1,300 support before another major rally began. This time, Ethereum price spiked as high as the $1,350 resistance, with a strong higher high set at $1,370. Since then, ETH/USD has slowly retraced, indicating that buyers are exhausted for now.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a reaction lower from the $1,370 mark, which should lead toward further downside over the rest of the week. Likely ETH/USD will look to set another higher low, with the $1,300 mark likely being the first target.