Ethereum price analysis is bearish today as we have seen further retracement and signs of weakness. Therefore, ETH/USD should retrace further and look to target the $1,175 support, where a clear higher low would be set.
The market has traded with mixed results over the last 24 hours. While the leaders, Bitcoin and Ethereum lost around 1.5 percent, the rest of the top altcoins saw slight gain with some exceptions, indicating indecision.
Ethereum price movement in the last 24 hours: Ethereum fails to continue higher?
ETH/USD traded in a range of $1,209.38 to $1,248.01, indicating mild volatility over the last 24 hours. Trading volume has declined by 40.14 percent, totaling $10.61 billion, while the total market cap trades around $147.62 billion, resulting in a dominance of 15.45 percent.
ETH/USD 4-hour chart: ETH looks to retrace further?
On the 4-hour chart, we can see the Ethereum price action trading with slight bearish momentum, indicating that more downside should follow over the rest of the weekend.
Ethereum price action has seen a strong advance over the course of this week. After consolidation was seen last weekend, ETH/USD set two strong waves higher, leading to a new monthly high set at $1,275, totaling a gain of over 27 percent since the last swing low.
Since then, bullish momentum has diminished, and steady retracement began yesterday. After a quick drop the $1,200, steady consolidation followed, indicating that a higher low could soon be set.
However, when considering how much Ethereum price retraced previously, we expect further downside to follow. Likely the $1,175 mark will be targeted as it previously served as strong support.
Once a higher local low is set there, we expect ETH/USD to advance towards the next major resistance at $1,450 next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we expect further slide lower over the weekend as recovery failed overnight. Likely ETH/USD will drop all the way towards $1,175 previous resistance turned support, and continue higher from there next week.