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.
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.
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.