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Ethereum price analysis is bearish today as we have seen a quick reaction higher to the $1,650 resistance after another retest of the previous low yesterday. However, since then, ETH/USD has failed to move any higher, indicating that further consolidation needs to be made.
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.09 percent, while Ethereum gained over 4 percent. The rest of the market saw results in between.
Ethereum price movement in the last 24 hours: Ethereum returns back to local resistance
ETH/USD traded in a range of $1,554.24 to $1,649.56, indicating strong volatility over the last 24 hours. Trading volume has increased by 2.62 percent, totaling $18.23 billion, while the total market cap trades around $200.2 billion, resulting in market dominance of 19.4 percent.
ETH/USD 4-hour chart: ETH rejects upside again
On the 4-hour chart, we can see a quick retest of the $1,650 resistance being met with a reaction lower, indicating that further downside will follow overnight.
Ethereum price has seen strong selling pressure ever since the $2,000 mark was reached early last week. After a steady retrace at first, ETH/USD began to rapidly push lower, quickly losing over 20 percent to the $1,550 support.
Consolidation began from there, with resistance found at $1,650 resistance. Another downside test was met with a higher reaction, indicating that further downside is unlikely. However, the $1,650 resistance still stands strong as bulls failed to break above it today.
Therefore, we expect another retest of the downside over the next 24 hours. If a slightly higher low is set, the Ethereum price should be ready to attempt to break above the $1,650 resistance by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another attempt to break above $1,650 being met with a reaction lower. Therefore, ETH/USD is not yet ready for further recovery, and selling pressure should return overnight.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.