- ETH set a slightly higher high yesterday.
- Retracement was seen overnight.
- Ethereum is set to establish another higher low today.
Ethereum price analysis is bearish for today as bulls failed to rally again and started to retrace overnight. Therefore, we expect ETH/USD to move lower today and set a higher low to move higher later this week.
The cryptocurrency market traded with a slight loss over the last 24 hours. Market leaders, Bitcoin and Ethereum, have declined by 3.22 and 2.26 percent, respectively. Ripple (XRP) is among the best performers, with a gain of 10.7 percent.
Ethereum price movement in the last 24 hours: Ethereum retraces back below $3,200
ETH/USD traded in a range of $3,073.11 – $3,269.21, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.4 percent and totals $26.47 billion, while the total capitalization trades around $360.75 billion, resulting in market dominance of 19.43 percent.
ETH/USD 4-hour chart: ETH to set another higher low today?
On the 4-hour chart, we can see the Ethereum price retracing again as bears want to set another higher low before further upside is tested.
Ethereum price action has rallied by more than 90 percent since the last swing low of $1,725 was set on the 20th of July. The previous major swing high, around $2,900, was broken without much resistance earlier this week, indicating that the overall market structure has turned bullish once again.
After reaching the $3,200 mark over the weekend, ETH could not move any higher and retraced to the $2,900 previous resistance to retest it as a support. Another higher low was set, and ETH rallied towards the $3,200 resistance again.
However, ETH/USD could not break further highs and started to consolidate below the resistance. Yesterday, a brief move above the $3,200 resistance was set, with no further substantial rally from there.
This price action development resulted in another retracement below the $3,200 mark overnight as the Ethereum price looks to set another high low before attempting to move higher. Once a higher low is set later today, we should see ETH/USD continue moving higher later this week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as the market retraced overnight after a failure to rally above the $3,200 resistance yesterday. Therefore, we expect ETH/USD to retrace lower today and set another higher low over the next 24 hours.
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.