Ethereum price analysis is bullish today as we have seen a strong retrace slightly above $1,150 end with a slow reversal over the last 24 hours. ETH//USD is now ready to continue even lower and head towards the $900 previous swing low.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours as resistance levels were reached across the board. Bitcoin declined by 2.23 percent, while Ethereum a more significant 4.21 percent. Meanwhile, Solana, Avalanche, and Polkadot were the worst performers, with over 5 percent declines.
Ethereum price movement in the last 24 hours: Ethereum fails to reach $1,250, moves back below $1,150
ETH/USD traded in a range of $1,073.88 to $1,185.43, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19.27 percent, totaling $14.28 billion, while the total market cap trades around $132.67 billion, resulting in a dominance of 14.71 percent.
ETH/USD 4-hour chart: ETH looks to continue lower?
On the 4-hour chart, we can see the Ethereum price action starting to test the downside again, indicating that another push lower should follow later in the week. Once the momentum starts going, ETH/USD should look to break past the $900 support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has started to lose bearish momentum over the past week. After small tests of the downside last week, ETH/USD made the last push lower on 18 May 2022. From there, a strong reaction higher followed, indicating exhaustion of selling pressure.
Further tests of $1,150 resistance followed earlier this week, with further upside briefly reached late yesterday. However, the next resistance at $1,250 could not be reached. Therefore, the market is not yet reversed the current several-week bearish momentum.
Likely the current drop below $1,150 indicates that more downside will soon follow. Likely Ethereum price will head even lower over the next 24 hours, with the $900 previous low as the next target.
Considering the declining bearish sentiment, we do not expect another strong lower low to be set. The most likely target to the downside is the $800 psychologically important price mark.
Otherwise, if a higher low is set, we could see the first sign of trend reversal. In this scenario, it is crucial to see ETH/USD break above the $1,150 and $1,250 previous resistance levels.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen reversal signals over the last 24 hours after the $1,250 mark could not be reached. ETH/USD has already moved back below $1,150 local resistance, indicating that a strong push to the downside should soon follow.
While waiting for Ethereum to move further, see our guides on Best Litecoin Wallets, best places to stake $HBAR, and how to survive Crypto winter.
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