Ethereum price analysis is bearish today as we have seen a quick spike to the $1,100 previous resistance and failure to move higher. Therefore, ETH/USD is ready to reverse and head back lower over the next 24 hours, with the closest support at the $$1,050 previous support.
Cryptocurrency heat map. Source: Coin360
The market has traded with bullish momentum over the last 24 hours. The leader, Bitcoin, gained 3.26 percent, while Ethereum by 4.17 percent. Meanwhile, Avalanche (AVAX) and Tron (TRX) advanced even further and are the top performers of the day.
Ethereum price movement in the last 24 hours: Ethereum fails to continue lower
ETH/USD traded in a range of $1,044.01 to $1,106.25, indicating slight volatility over the last 24 hours. Trading volume has increased by 16.77 percent, totaling $10.2 billion, while the total market cap trades around $134 billion, resulting in market dominance of 15 percent.
ETH/USD 4-hour chart: ETH ready to return lower?
On the 4-hour chart, we can see failure to break past the $1,100 mark, likely leading to a reversal lower later today. From there, ETH/USD should look to push past the $1,000 previous swing low.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has moved into consolidation at the end of the last week as both lower local highs, and higher local lows were set. Eventually, ETH/USD traded in a very narrow range above the $1,050 previous support, indicating that a break to either side will soon follow.
Considering the previous sharp decline, ETH was expected to break lower and look to target the $1,000 mark. However, downside did not follow overnight as another spike higher was seen this morning.
Previous resistance at $1,100 was quickly retested, with no further upside. Therefore, we expect a reversal to come by the end of the day. Likely previous support at $1,050 will be retested, and In case it breaks, Ethereum’s price should see a lot more downside to the $1,000 previous swing low latest his week.
Alternatively, ETH/USD could see further retracement if more upside follows. The next target to the upside should be the $1,175 resistance.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a spike higher to $1,100, where resistance was found again. Likely ETH/USD won’t push any higher and will look to return to the previous consolidation area. From there, the $1,050 mark could be broken if strong bearish momentum follows.
While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.