Ethereum price analysis is bearish today as we have seen further consolidation after a strong rally earlier this week. Therefore, ETH/USD should soon start to retrace and look to retest the $1,600 mark as support.
The market traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.22 percent, while Ethereum lost 0.62 percent. Meanwhile, the rest of the top major altcoins saw slightly better performance.
Ethereum price movement in the last 24 hours: Ethereum continued sideways.
ETH/USD traded between $1,672.83 to $1,759.88, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19 billion, while the total market cap trades around $209.3 billion, resulting in market dominance of 18.7 percent.
ETH/USD 4-hour chart: ETH looks to retrace?
The 4-hour chart shows increasingly lower local highs set over the past hours, indicating that bearish momentum will return and the $1,700 local support will be broken soon.
Ethereum price action has seen a strong upswing over the course of this week. From the last swing low at $1,360, ETH/USD gained over 30 percent and set a clear higher high as it peaked just below $1,800.
Since then, a slight retrace has created a consolidation area of around $1,700. As the trading range gets increasingly narrow, we can assume that a push lower will soon follow as bulls are finally exhausted.
Likely, Ethereum price will look to retest previous major resistance as support first, which would mean only a slight retracement if reached. However, most likely, further downside will follow to the next support at $1,500 later next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen failure to move higher over the past 24 hours and consolidation in an increasingly tighter range. Therefore, we expect ETH/USD to soon drop below $1,700 and retrace towards the $1,600 next support.