Ethereum price analysis: ETH drops to $1,400, ready to reverse?

Ethereum price analysis is bullish today as we have seen reaction higher at the $1,400 mark and a quick retest of it over the last hours. Therefore, ETH/USD has likely finally found bottom and is ready to reverse over the next days.

Ethereum price analysis: ETH drops to $1,400, ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.12 percent, while Ethereum saw a slight decline of 0.53 percent. Meanwhile, Ripple (XRP) gained over 12 percent and was the top performer of the day from the top altcoins.

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Ethereum price movement in the last 24 hours: Ethereum failed to hold $1,450 support

ETH/USD traded in a range of $1,415.04 to $1,453.63, indicating mild volatility over the last 24 hours. Trading volume has declined by 33.17 percent, totaling $12.4 billion, while the total market cap trades around $176.11 billion, resulting in market dominance of 18.21 percent.

ETH/USD 4-hour chart: ETH ready to retrace?

On the 4-hour chart, we can see retest of $1,400 support result in a quick reaction higher over the past hours, likely indicating that Ethereum price will continue even higher overnight.

Ethereum price analysis: ETH drops to $1,400, ready to reverse?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with strong selling pressure over the past week. After a new swing high was set below $1,800, ETH/USD initially retraced to $1,550, where a strong higher low was set.

However, after a slight recovery higher to $1,650, ETH reversed again and quickly lost over 10 percent to the $1,450 mark. Recovery could not be made again, leading sellers to test even further lows overnight.

Not much further downside was reached as the $1,400 support reversed Ethereum price action. Since then, ETH/USD has consolidated and retested previous support. Likely, buying pressure will soon return as a result, and some of this week’s loss will be retraced. 

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have slowly reached further downside over the last 24 hours. However, the $1,400 support holds strongly so far, likely resulting in a shift in momentum over the next days.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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