Ethereum price analysis is bearish today as we have seen a retrace to $1,900 and not a lot of reaction higher as consolidation was formed around $1,900. Therefore, we expect ETH/USD to retrace even lower and look to push towards the $1,800 next support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 1.39 percent, while Ethereum by 1.94 percent. Meanwhile, Dogecoin (DOGE) was the top performer for the day, with over 14 percent gain as a strong spike higher was seen earlier.
Ethereum price movement in the last 24 hours: Ethereum forms consolidation
ETH/USD traded in a range of $1,862.74 to $1,926.60, indicating substantial volatility over the last 24 hours. Trading volume has declined by 21.47 percent, totaling $16.27 billion, while the total market cap trades around $229 billion, resulting in market dominance of 20.09 percent.
ETH/USD 4-hour chart: ETH still targets $1,800 next?
On the 4-hour chart, we can see consolidation formed as recovery did not follow overnight, indicating that further retrace can be expected over the next days.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong new swing high set over the past days. After several days of strong bullish momentum from the $1,680 support, a gain of over 20 percent was reached on Sunday.
From there, ETH/USD retraced to $1,900 before quickly spiking to set a lower local high below $2,000. Later another attempt to retrace followed below the $1,900 mark, indicating that selling pressure is still strong.
However, for now, the Ethereum price has failed to break lower as consolidation began early yesterday. Since then, ETH/USD has failed to move higher several times, indicating that another drop lower will follow to the $1,800 next major support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen consolidation over the last 24 hours as bulls failed to take over after a strong decline early yesterday. ETH/USD will likely continue moving sideways over the next hours before enough momentum is gathered to break towards the $1,800 support.