Ethereum price analysis is bearish today as we have seen another quick spike higher and further consolidation during the day. Therefore, buyers are likely finally exhausted, and ETH/USD is ready to retrace next week.
The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.33 percent, while Ethereum 2.58 percent. Meanwhile, the rest of the market has traded with similarly mixed results.
Ethereum price movement in the last 24 hours: Ethereum continued towards $1,800
ETH/USD traded in a range of $1,713.07 to $1,784.50, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.71 percent, totaling $12.35 billion, while the total market cap traded around $216.2 billion, resulting in a dominance of 20.45 percent.
ETH/USD 4-hour chart: ETH prepares to reverse?
On the 4-hour chart, we can see Ethereum price action losing its bullish momentum again, indicating that the next week will start with a decline.
Ethereum price action has rallied with strong momentum over the past week. From the last swing low at $1,500, ETH/USD has managed to gain over 20 percent and almost reach the $1,800 next major resistance.
However, since the last push higher failed to set substantial further upside, we expect bulls to finally be exhausted and selling pressure to return early next week. The first obvious sign for the upcoming retrace would be a clean move past the $1,720 previous consolidation area.
From there, Ethereum price will likely look to retrace as low as the $1,6500 mark as it previously provided very strong resistance. Once that is done, ETH/USD should look to continue even higher later in September.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a very strong rally over the week, with an almost 20 percent gain from the $1,500 previous swing low. Since the overnight move higher could only reach slightly higher highs, we expect ETH/USD to be exhausted and begin retracing over the next week finally.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
