Ethereum price analysis is bearish today as we have seen a quick retest of previous resistance, where a lower high will likely be set soon. From there, ETH/USD will likely continue even lower and look to drop towards the $1,100 support.
The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 0.48 percent, while Ethereum 1.6 percent. Meanwhile, the rest of the market has traded with mixed results as volatility was low overall.
Ethereum price movement in the last 24 hours: Ethereum prepares to decline below $1,200
ETH/USD traded between $1,178.43 to $1,284.22, indicating mild volatility over the last 24 hours. Trading volume has increased by 45.11 percent, totaling $14.25 billion, while the total market cap traded around $154.16 billion, resulting in market dominance of 18.34 percent.
ETH/USD 4-hour chart: ETH looks to continue lower?
On the 4-hour chart, we can see Ethereum price action peaking at $1,275 resistance, likely resulting in another drop lower over the next 24 hours.
Ethereum price action has traded sideways over the past days after reaction from the $1,100 support peaked at $1,350. Since then ETH/USD has moved sideways above $1,200 support, slowly setting a higher low.
Breakout attempts below $1,200 support failed yesterday, leading to believe a higher low was set. However, the following reaction higher has ended at the $1,275 resistance, where rejection has been seen over the past hours.
Ethereum price is likely to continue lower as a result, with the $1,200 support likely to be broken over the next 24 hours. Once that is done, ETH/USD is should target the $1,100 support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a lower local high set at $1,275 over the past hours and selling pressure returning since. Therefore, ETH/USD will likely continue even lower later today and look to retest the $1,100 major support by the end of the week.
While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve
