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- Ethereum price analysis is bearish today.
- ETH/USD has likely set a new lower high at $4,100.
- The market currently consolidates in a narrow range.
Ethereum price analysis is bearish today as we expect a reversal to follow later today after a strong spike to $4,100 was seen late yesterday. Therefore, ETH/USD has likely set another lower high and is now ready to move lower again.
The market overall has seen a steady increase over the last 24 hours. The market leader, Bitcoin, gained 1.69 percent, while Ethereum 4.65 percent. Avalanche (AVAX) is the top performer from the top altcoins, with a gain of almost 14 percent.
Ethereum price movement in the last 24 hours: Ethereum retests $3,650 support, spikes to $4,100
ETH/USD traded in a range of $3,664.72 – $4,086.37, indicating strong volatility in the market over the last 24 hours. Trading volume has seen an increase of 44.68 percent, totaling $27.15 billion. Meanwhile, the total market cap trades around $480.68 billion, resulting in a market dominance of 21.17 percent.
ETH/USD 4-hour chart: ETH has peaked at $4,100?
On the 4-hour chart, we can see the Ethereum price struggling to continue higher today after a slight rejection for further upside was seen overnight.
Ethereum price action has seen a stray decline over the past weeks after failing to reach the previous all-time high by the end of November. On the 4th of December, a strong selloff established the current monthly low just below $3,600.
After some recovery, another major lower high was set at $4,500, conforming that the overall market structure has turned bearish. Since then, ETH/USD has declined by almost 20 percent and established support at $3,650.
Early yesterday, the Ethereum price retested previous support at $3,900 as resistance before quickly dropping to $3,650. At the support, strong buying pressure re-appeared, leading ETH/USD to spike to $4,100 by the end of the day.
Therefore, we expect another strong lower high to be set, and Ethereum is now ready to continue testing further downside.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect the current upswing to end soon, leading to another lower high confirmed at $4,100. Likely ETH/USD will continue moving lower for the rest of the week to set another lower low along with the overall trend.
While waiting for Ethereum to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.