Ethereum price analysis is bearish today as we have seen further consolidation and failure to break past the $1,350 resistance. Therefore, ETH/USD should soon see selling pressure return, leading back below $1,300 local support early next week.
The market has seen slight bearish momentum over the last 24 hours. The leader, Bitcoin, gained 0.05 percent, while Ethereum lost 0.18 percent. Meanwhile, the rest of the market saw slightly more bearish results.
Ethereum price movement in the last 24 hours: Ethereum continued sideways
ETH/USD traded in a range of $1,312.64 to $1,346.26, indicating mild volatility over the last 24 hours. Trading volume has declined by 36 percent, totaling $10.73 billion, while the total market cap trades around $162.66 billion, resulting in market dominance of 17.33 percent.
ETH/USD 4-hour chart: ETH set for another move lower?
On the 4-hour chart, we can see Ethereum price failing to push any higher, likely leading to another wave lower over the next 24 hours.
Ethereum price action has seen reaction higher after another strong lower low was set on Wednesday. Support was found at $1,220 overnight, with an immediate reaction higher over the next 24 hours.
ETH/USD eventually retraced as high as the $1,350 resistance, indicating another clear lower high. Later in the week, a higher local low and retest of the $1,350 resistance followed, indicating consolidation in an increasingly tighter range.
Ethereum price action has since traded sideways with low volatility as the market is indecisive on where to move next. However, considering that the overall medium-term trend is still strongly bearish, we expect ETH/USD to continue even lower early next week, with the next major target at $1,175.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen sideways momentum below the $1,350 resistance over the past days after a quick reaction higher earlier this week. Therefore, ETH/USD has likely peaked again and is now ready to push towards setting further lower lows.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.
