Ethereum price analysis is bearish today as we have seen another lower local high set below $1,600 after further lows set earlier in the week. Therefore, ETH/USD should drop even lower and look to break past the $1,500 support over the weekend.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.25 percent, while Ethereum gained 3.28 percent. Meanwhile, the rest of the market saw slightly bigger gains.
Ethereum price movement in the last 24 hours: Ethereum retested upside again
ETH/USD traded in a range of $1,526.73 to $1,590.85, indicating substantial volatility over the last 24 hours. Trading volume has declined by 39.6 percent, totaling $14 billion, while the total market cap traded around $193.6 billion, resulting in market dominance of 18.83 percent.
ETH/USD 4-hour chart: ETH prepares to continue lower?
On the 4-hour chart, we can see slight reaction from the $1,600 resistance, likely leading to further selling overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong swing high set over the course of November. The current swing high at $1,650 was reached last Saturday after another quick push high followed last Friday.
Since then, ETH/USD has retraced with steady momentum. A Series of lower local highs and lows have been seen over the past days, leading back to the $1,500 major support/resistance level.
For now, we can see Ethereum price action respecting the level as consolidation followed yesterday after a brief test. Eventually, ETH started to move higher, retesting the $1,600 mark with no signs of breaking higher. Likely we will see another push lower over the weekend as a result, with the $1,400 mark being the next major support target.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a quick reaction higher this morning and another lower local high set at $1,600. Therefore, ETH/USD is likely ready to decline further and break past the $1,500 support, which would open up the way for a lot more downside over the weekend.