Ethereum price analysis is bearish today as we have seen rejection for further upside several times over the past day. Therefore, we expect ETH/USD to break below $1,900 and retest the $1,800 mark as support.
Cryptocurrency heat map. Source: Coin360
The market has traded with slight bearish momentum over the last 24 hours. The leader, Bitcoin, lost 1.6 percent, while Ethereum declined by 4.04 percent. The rest of the market traded with slight bearish momentum over the last 24 hours.
Ethereum price movement in the last 24 hours: Ethereum begins to retrace
ETH/USD traded in a range of $1,881.86 to $2,007.21, indicating mild volatility over the last 24 hours. Trading volume has increased by 65.59 percent, totaling $21.11 billion, while the total market cap trades around $231.7 billion. Resulting in a market dominance of 20.17 percent.
ETH/USD 4-hour chart: ETH target $1,800 next?
The 4-hour chart shows a slow move below the $1,900 mark, indicating that further downside will follow overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong bullish momentum since the beginning of August when a strong higher high was set just below $1,600. After some consolidation, ETH/USD broke past previous resistance at $1,800 on Wednesday.
From there, bullish momentum continued as high as the $1,900 resistance, where a slight consolidation was formed again. However, retrace did not follow as another spike higher resulted in the current swing high set at $2,000.
Yesterday, Ethereum price attempted to move even higher as the $2,000 mark was briefly broken before bearish momentum quickly returned. Overnight to today, another lower local high was set, resulting in a break below the $1,900 support over the past hours, opening the way for a lot more downside.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a pivot around the $2,000 resistance and a steady move below the $1,900 mark. Therefore, ETH/USD will likely retrace even further overnight and look to retest previous major resistance at $1,800 as support.
While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.