Ethereum price analysis is bearish today as we have seen a strong rally of over 10 percent over the past day and signs of resistance above the $1,200 mark. Therefore, we expect another lower swing high to be set and further downside to be tested over the weekend.
The market has traded in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, both saw strong rallies, with 5.29 and 12.18 percent gains, respectively. Meanwhile, the rest of the market followed with results in-between the two.
Ethereum price movement in the last 24 hours: Ethereum peaks above $1,200
ETH/USD traded in a range of $1,078.10 to $1,225.06, indicating strong volatility over the last 24 hours. Trading volume has increased by 3.45 percent, totaling $18.86 billion, while the total market cap trades around $147.73 billion, resulting in market dominance of 15.83 percent.
ETH/USD 4-hour chart: ETH looks to reverse?
On the 4-hour chart, we can see rejection for further upside over the past hours, indicating that reversal should follow over the weekend.
Ethereum price action has set a strong higher swing low earlier this week after several days of strong retracement. After the last quick spike lower to the $1,000 mark on Wednesday, a clear indication was set that a reversal was due.
Further upside did indeed follow shortly after. After the initial push above $1,100, ETH/USD briefly paused during the middle of yesterday before starting to push higher rapidly.
By the end of the day, the next resistance at $1,175 was broken clearly. However, not much upside could be reached overnight, leading the Ethereum price towards several rejection candles.
This price action development clearly indicates that reversal is due, and another swing lower high is set. Likely, ETH will start trading lower over the weekend and look to return back below the $1,100 mark. From there, we could see a higher low set, forming a very wide several-week tightening consolidation area.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong push higher met with resistance above the $1,200 mark. Therefore, we expect another lower swing high to soon be confirmed, leading to another drop lower over the weekend, likely to set a further higher low.