Ethereum price analysis is bearish today as we have seen further sideways momentum below $1,350 resistance over the last 24 hours. Since ETH/USD rejected another attempt to break higher late yesterday, we expect another move lower to follow later today.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 2.79 percent, while Ethereum 2.29 percent. Meanwhile, the rest of the market has traded with similar selling pressure.
Ethereum price movement in the last 24 hours: Ethereum fails to continue higher
ETH/USD traded in a range of $1,320.73 to $1,368.74, indicating mild volatility over the last 24 hours. Trading volume has declined by 38.85 percent, totaling $8.65 billion, while the total market cap traded around $162.25 billion, resulting in market dominance of 17.3 percent.
ETH/USD 4-hour chart: ETH looks to drop below $1,300?
On the 4-hour chart, we can see slight selling pressure over the last hours, likely leading to another attempt to break past the $1,300 support later in the weekend.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a steady move higher at the end of September, resulting in a retest of $1,400 resistance on Tuesday. Strong higher high was set as a result before decline took ETH/USD towards the $1,250 support.
Therefore, the market had set higher and lower highs, indicating indecision on where to move next. Reaction higher followed as a result towards the $1,350 resistance, where ETH has consolidated since.
An attempt to break higher was rejected late yesterday, indicating that a lower high is set and sellers should soon take over the market. The first target to break is the $1,300 support, which should lead to a quick spike towards the $1,250 support later in the weekend.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen failure to move higher and further consolidation below the $1,350 resistance. Likely ETH/USD will look to test previous lows once more and move past the $1,300 support.