- ETH continued to move sideways overnight.
- ETH/USD rejects further upside.
- Market set for another retracement.
Ethereum price analysis indicates bearish momentum to follow over the rest of the week as further upside cannot be reached as of now. Therefore, we expect ETH/USD to reverse and start pushing towards the previous major support level of around $1,725 over the next weeks.
The cryptocurrency market trades in the red over the last 24 hours. Market leaders, Bitcoin and Ethereum have declined by 1.29 and 0.66 percent, with the rest of the top altcoins trading with similar performance.
Ethereum price movement in the last 24 hours: Ethereum moves sideways around $2,300
ETH/USD traded in a range of $2,258.06 – $2,341.78, indicating slight volatility over the last 24 hours. Trading volume has decreased by 24.46 percent and totals $16.43 billion. Meanwhile, the total market capitalization trades around 270.7 billion, resulting in market dominance of 17.4 percent.
ETH/USD 4-hour chart: ETH prepares to reverse?
On the 4-hour chart, we can see Ethereum price rejecting further upside, indicating that bears will likely take over control later this week.
Ethereum price action traded with a strong bullish momentum over the last days after previous major support was retested around $1,725. From the $1,725 support, ETH/USD quickly reversed and traded higher until the previous swing high of around $2,400 was retested.
This upside momentum resulted in a 40 percent gain and sent a signal that the price action structure has become neutral. Therefore, we are likely to see Ethereum price reverse over the next few days and try to retest the bottom of the trading range around $1,725.
In case ETH/USD can establish a slightly higher low, we could see the market start to turn bullish over the next weeks. However, first, a higher high above the $2,400 mark needs to be set.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for the next 24 hours as the market could not reach further highs over the last 24 hours and started to consolidate around the $2,300 mark. Therefore, we expect ETH/USD to start moving lower over the next days and try to retest the $1,725 mark next.
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