Ethereum price analysis is bearish today as we have seen a strong retrace over the past days, and the next support at $1,600 broken overnight. Therefore, ETH/USD is ready to push even lower and target the $1,500 next support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.89 percent, while Ethereum a more substantial 5.5 percent. Meanwhile, the rest of the top altcoins traded between the two majors.
Ethereum price movement in the last 24 hours: Ethereum fails to find support at $1,600
ETH/USD traded between $1,567.85 to $1,685.59, indicating substantial volatility over the last 24 hours. Trading volume has increased by 21.77 percent, totaling $18.49 billion, while the total market cap trades around $191.7 billion, resulting in a dominance of 18.24 percent.
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ETH/USD 4-hour chart: ETH targets $1,500 next?
The 4-hour chart shows a slight retest of $1,600 previous support as resistance over the past hours, indicating that Dogecoin price is ready to decline further over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw another strong higher high set last week as another spike higher was seen to $1,800. After a brief reaction lower, ETH/USD moved into consolidation around $1,700, indicating that bears are slowly taking over control.
A clear break past the support was seen early yesterday, with further downside seen throughout the day. Overnight, ETH sellers had already reached the $1,600 previous resistance, which now acted as support, potentially indicating a reversal.
However, not much support was offered as Ethereum price action spiked past the support and set a new local low at $1,568. Since then, ETH/USD has consolidated below $1,600 as sellers take a pause before another push lower.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen further decline with strong momentum over the last 24 hours. Additionally, the $1,600 support did not hold for long, indicating that sellers are ready to push ETH/USD even further over the next few days.