Ethereum price analysis is bearish today as we have seen steady retrace from the previous high over the last 24 hours with no signs of buying interest. Likely ETH/USD will continue even lower next week and look to set another higher low below $1,600 support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.23 percent, while Ethereum declined by 1.01 percent. Meanwhile, the rest of the market has traded with similar slight selling.
Ethereum price movement in the last 24 hours: Ethereum slides from $1,650
ETH/USD traded in a range of $1,615.32 to $1,641.67, indicating mild volatility over the last 24 hours. Trading volume has declined by 42.82 percent, totaling $9.76 billion, while the total market cap traded around $198.25 billion, resulting in market dominance of 18.81 percent.
ETH/USD 4-hour chart: ETH targets $1,600
On the 4-hour chart, we can see a steady move lower over the last 24 hours, likely leading back below the $1,600 mark overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong bullish momentum diminish over the past week. After a new major swing high was set at $1,650, ETH/USD lost its momentum and moved into a steady retrace over several days until the $1,500 support was reached.
From there, another quick spike higher reached the $1,650 resistance, forming a double-top reversal pattern. Selling has once again slowly returned since, as bears look to reclaim the $1,600 mark and move for a deeper retrace.
Ethereum price should see further selling overnight as a result of the current lack of buyers. Once the $1,600 local support is broken, ETH/USD will likely quickly move back towards the $1,500 support, where another slightly higher low will be set. In case ETH breaks the $1,500 support, we expect a lot more serious selling over the next week as the next major support is as low as the $1,400 mark.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen continuous and steady retrace after the $1,650 mark was retested on Friday. Therefore, we expect ETH/USD to continue even lower and look to move toward previous support at $1,500 early next week.