Ethereum price analysis is bearish today as we have seen a steady move higher with low momentum. Therefore, the resistance around $1,250 previous local high should be enough to reverse ETH/USD even lower.
Cryptocurrency heat map. Source: Coin360
The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.99 percent, while Ethereum over 4 percent. Meanwhile, the rest of the top altcoins saw even better gains.
Ethereum price movement in the last 24 hours: Ethereum slowly moved higher
ETH/USD traded in a range of $1,270.20 to $1,344.07, indicating substantial volatility over the last 24 hours. Trading volume has declined by 12.51 percent, totaling $16.24 billion, while the total market cap trades around $164.46 billion, resulting in market dominance of 17.41 percent.
ETH/USD 4-hour chart: ETH tests $1,350
On the 4-hour chart, we can see the previous high being tested, likely resulting in another move lower if the momentum does not increase.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has continued sideways movement over the past days as both further upside and downside could not be reached. From the last swing high at $1,225 ETH/USD slowly retraced earlier this week, forming a lower high at $1,350.
Since then, another local higher low was set, indicating consolidation in an increasingly tighter range. As a result, until a clear break to either direction is made, we cannot expect any substantial change in direction.
Ethereum price will likely peak below $1,350 again, setting another lower high. From there, we expect ETH/USD to decline even further and look to start the next week with another test of the $1,225 major support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen slow bullish momentum since morning, indicating that further upside will likely not follow. Therefore, we expect ETH/USD to reverse later today and look to move back below $1,300.