Ethereum price analysis is bearish today as we have seen a quick reaction higher to the $1,650 resistance after another retest of the previous low yesterday. However, since then, ETH/USD has failed to move any higher, indicating that further consolidation needs to be made.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 1.09 percent, while Ethereum gained over 4 percent. The rest of the market saw results in between.
Ethereum price movement in the last 24 hours: Ethereum returns back to local resistance
ETH/USD traded in a range of $1,554.24 to $1,649.56, indicating strong volatility over the last 24 hours. Trading volume has increased by 2.62 percent, totaling $18.23 billion, while the total market cap trades around $200.2 billion, resulting in market dominance of 19.4 percent.
ETH/USD 4-hour chart: ETH rejects upside again
On the 4-hour chart, we can see a quick retest of the $1,650 resistance being met with a reaction lower, indicating that further downside will follow overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen strong selling pressure ever since the $2,000 mark was reached early last week. After a steady retrace at first, ETH/USD began to rapidly push lower, quickly losing over 20 percent to the $1,550 support.
Consolidation began from there, with resistance found at $1,650 resistance. Another downside test was met with a higher reaction, indicating that further downside is unlikely. However, the $1,650 resistance still stands strong as bulls failed to break above it today.
Therefore, we expect another retest of the downside over the next 24 hours. If a slightly higher low is set, the Ethereum price should be ready to attempt to break above the $1,650 resistance by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another attempt to break above $1,650 being met with a reaction lower. Therefore, ETH/USD is not yet ready for further recovery, and selling pressure should return overnight.