Ethereum Price Analysis: ETH drops to $4,500, bearish momentum to continue?
- Ethereum price analysis is bearish today.
- ETH/USD retraced to $4,500 overnight.
- Market current consolidates.
Ethereum price analysis is bearish today as we expect further downside to follow after a quick rejection of more upside over the last hours. Therefore, we expect ETH/USD to continue to break below the current consolidation and test further lows over the next 24 hours.
The market overall saw a bearish momentum return over the last 24 hours. The market leader, Bitcoin, has lost over 4 percent, while Ethereum 4.32 percent. Despite the overall downtrend, Cardano (ADA) and Terra (LUNA) have remained in the green.
Ethereum price movement in the last 24 hours: Ethereum retraces to $4,500, begins consolidating
ETH/USD traded in a range of $4,461.24 – $4,758.68, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 19.5 percent, totaling $23.3 billion, while the total market cap trades around $537.5 billion, resulting in market dominance of 20.67 percent.
ETH/USD 4-hour chart: ETH looks to break even lower?
On the 4-hour chart, we can see an attempt to move higher rejected over the last hours, indicating that the Ethereum price is likely headed even lower over the next 24 hours.
Ethereum price has seen a strong rally over the past days as bulls pushed the market close to the previous all-time high. The move higher was a result of a strong spike lower last Friday, resulting in a lower low set at $3,950.
Therefore, ETH/USD has seen strong volatility both ways, indicating indecision in the market on where to move next. However, considering that a strong higher high above $4,550 was set Yesterday, we expect more upside over the next weeks.
First, the Ethereum price has to retrace some of the gains. Overnight, we saw the first push lower find support at $4,500. ETH/USD consolidated from there, as bears likely prepare to see further retracement realized. Therefore, we expect more downside to follow over the next days.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect more downside to follow after a quick rejection of upside. ETH/USD is likely headed towards further retracement over the next 24 hours, with the closest support around $4,350-$4,400.
While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
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