Ethereum price analysis is bearish today as we have seen a strong spike lower, followed by a quick retest of previous support. Therefore, we expect ETH/USD to continue even lower later today and target the $1,175 support next.
The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, lost 1.61 percent, while Ethereum by 5.33 percent. Meanwhile, Ripple moved against the trend, with over 9 percent gain, and was the top performer for the day.
Ethereum price movement in the last 24 hours: Ethereum sets another lower low
ETH/USD traded in a range of $1,229.43 to $1,384.48, indicating strong volatility over the last 24 hours. Trading volume has spiked by 75.93 percent, totaling $23.9 billion, while the total market cap trades around $156.97 billion, resulting in market dominance of 16.99 percent.
ETH/USD 4-hour chart: ETH retest $1,300, looks to reverse?
On the 4-hour chart, we can see resistance found at $1,300, followed by further selling, indicating another drop is incoming overnight.
Ethereum price action has traded with several further lower lows and highs over the past weeks. After the previous low at $1,300 was reached earlier this week, ETH/USD formed consolidation below $1,400, indicating that further decline will soon follow.
Further recovery was rejected again late yesterday after a quick spike above $1,400, clearly indicating more selling will follow overnight. ETH did indeed drop another 13 percent past the $1,250 support, setting a clear lower low.
Since then, Ethereum price has seen quick recovery higher back to the $1,300 resistance, where the previous low was set. Additionally, ETH/USD has started to move lower once more over the past hours, indicating that selling should continue over the next 24 hours.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a quick reaction higher after a brief spike below $1,250 support yesterday. Therefore, another lower local high is set, and ETH/USD is ready to decline even further over the next days.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.