Ethereum Price Analysis: ETH retraces from $3,900, looks to set another higher low
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TL;DR Breakdown
- Ethereum price analysis is bearish today.
- ETH/USD saw retracement overnight.
- Higher low not yet found.
Ethereum price analysis is bearish today as we expect a further test of downside to follow as bearish momentum is still strong. Likely ETH/USD will find the next higher low over the next 24 hours.
The cryptocurrency market overall has seen selling pressure return over the last 24 hours. The market leader, Bitcoin has lost 1.04 percent, while Ethereum 1.42 percent. Dogecoin (DOGE) is the worst performer, with a loss of almost 7.5 percent.
Ethereum price movement in the last 24 hours: Ethereum retraces after peaking below $3,900
ETH/USD traded in a range of $3,775.61 – $3,876.79, indicating substantial volatility over the last 24 hours. Trading volume has increased by 0.5 percent, totaling $13.22 billion. Meanwhile, the total market cap trades around $451.1 billion, resulting in a market dominance of 20.26 percent.
ETH/USD 4-hour chart: ETH looks to set another higher low
On the 4-hour chart, we can see the Ethereum price still retracing from the previous high, with more downside likely to follow later today.
Ethereum price action has shown strong signs of reversal over the last days. After previously consolidating above $3,600 support, which ended a 13 percent drop at the end of December, ETH/USD has started to set higher highs again.
By the end of the weekend, Ethereum has pushed towards $3,850, with the following retracement setting a strong higher low around $3,700. From there, another push higher was seen yesterday, taking ETH to the next resistance target at $3,900.
Ethereum price action reversed quickly after, leading to a retracement over the last 24 hours. Some support currently is offered by the $3,775 mark. However, likely we will see further downside tested before another push higher begins.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect further retracement after the market peaked at $3,900 and set a higher high yesterday. ETH/USD is likely not yet ready to reverse, despite a substantial retracement already made.
While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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