HomeEthereumEthereum price analysis: ETH slowly forms consolidation around $1,350, reversal overnight?

Ethereum price analysis: ETH slowly forms consolidation around $1,350, reversal overnight?

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Ethereum price analysis is bearish today as we have seen sideways momentum over the last 24 hours after a strong push higher. Therefore, we expect ETH/USD to soon reverse and begin retracing to set another higher low later in the week.

Ethereum price analysis: ETH slowly forms consolidation around $1,350, reversal overnight?
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.26 percent, while Ethereum just 0.06 percent. The rest of the market followed with low volatility and slightly bearish results.

Ethereum price movement in the last 24 hours: Ethereum forms reversal consolidation

ETH/USD traded in a range of $1,327.85 to $1,355.17, indicating low volatility over the last 24 hours. Trading volume has declined by 21.37 percent, totaling $10.25 billion, while the total market cap traded around $165.36 billion, resulting in market dominance of 17.78 percent.

ETH/USD 4-hour chart: ETH prepares to reverse?

On the 4-hour chart, we can see bullish momentum slowly diminishing, slowly indicating that retrace should follow over the next dyas.

Ethereum price analysis: ETH slowly forms consolidation around $1,350, reversal overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action finally created a strong reversal base last week as the $1.275 support could not be broken several times. ETH/USD quickly reversed from there, rallying as high as the $1,350 resistance.

Strong higher high was set at $1,370 at the end of the weekend, leading ETH to form consolidation. No clear signs of upside have been seen since, indicating that reversal should soon follow, likely as soon as the $1,350 mark can no longer be reached.

Once Ethereum price begins to decline, we expect a higher low to be set at $1,300 support. From there, ETH/USD should attempt further recovery in November, with the $1,400 resistance as the next major target higher.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a strong higher high turn into consolidation over the past day. Therefore, ETH/USD should soon reverse and begin to form a retracement to set up the next wave higher next week.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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