Ethereum price analysis is bearish today as we have seen a steady reversal around the $1,900 resistance over the last 24 hours. Therefore, ETH/USD will soon begin to retrace and target the $1,800 support next.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.3 percent, while Ethereum by 1.15 percent. The rest of the market followed closely as sellers slowly took over control.
Ethereum price movement in the last 24 hours: Ethereum still consolidates
ETH/USD traded between $1,860.08 to $1,905.49, indicating low volatility over the last 24 hours. Trading volume has declined by 31.12 percent, totaling $17.76 billion, while the total market cap trades around $229.47 billion, resulting in market dominance of 20.14 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
The 4-hour chart shows selling pressure slowly returning, indicating that retracement will follow over the weekend.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded with strong bullish momentum over the past week. After the first push higher back to $1,800 previous high, ETH/USD swiftly set a substantial higher local low at $1,680, indicating that more upside will follow.
From there, ETH quickly made another push higher, breaking past previous major resistance at $1,800 in a clear way. Further upside followed to the $1,900 next major resistance, with the $1,950 mark briefly tested.
However, since then, Ethereum price has moved into consolidation as bulls are finally exhausted. Over the past hours, we have seen selling pressure slowly taking over, likely resulting in a retrace to $1,800 previous resistance, which will be retested as support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have consolidated around $1,900 resistance over the past day after a strong spike higher earlier this week. Therefore, ETH/USD is exhausted, and we can expect another retrace that sets another higher low over the weekend.