- Ethereum price analysis is bearish today.
- ETH/USD continued to consolidate below $4,750 resistance.
- Selling pressure is currently slowly increasing.
Ethereum price analysis is bearish today as we expect more downside to follow over the next 24 hours after consolidation below the previous high today. Likely, ETH/USD will see push lower over the next 24 hours, leading to a much more substantial retracement over the rest of the week.
The cryptocurrency market overall has seen bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.59 and 1.66 percent. Meanwhile, Algorand (ALGO) is the top performer, from the major altcoins, with a gain of over 8 percent.
Ethereum price movement in the last 24 hours: Ethereum consolidates below $4,750 after a slightly higher high set overnight
ETH/USD traded in a range of $4,589.46 – $4,780.73, indicating low volatility over the last 24 hours. Trading volume has declined by 6.59 percent, totaling $26.6 billion, while the total market cap trades around $556 billion, resulting in market dominance of 20.72 percent.
ETH/USD 4-hour chart: ETH slowly prepares to retrace
On the 4-hour chart, we can see slightly lower highs set over the past hours, indicating that the Ethereum price action is preparing to finally retrace some of the gains.
Ethereum price has seen strong bullish momentum return since the end of last week. After a sharp drop lower to the $3,950 major support on Friday, ETH/USD saw consolidation over the weekend.
Overnight to Monday, Ethereum finally started pushing higher again. By the end of the day, the $4,400 was breached, as ETH gained almost 15 percent. After a brief retracement, further upside followed yesterday, leading to a new higher high set around $4,750.
Early today, a retest of the newly set high ended with a slightly higher high reached. However, bulls could not sustain upwards momentum, leading the Ethereum price into a consolidation for most of Today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect the current consolidation new the swing high to end with a break lower. Therefore, ETH/USD is expected to finally retrace some of the gains seen over the past few days.