Ethereum price analysis: ETH swiftly drops 11 percent, retrace incoming?


Ethereum price analysis is bullish today as we have seen support at $1,500 tested and a brief consolidation this morning. Therefore, ETH/USD is now ready to regain some of the loss and look to set a lower high by the end of the week.

Ethereum price analysis: ETH swiftly drops 11 percent, retrace incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.51 percent, while Ethereum over 6 percent. Meanwhile, the rest of the market has seen similar decline.

Ethereum price movement in the last 24 hours: Ethereum sets strong lower low

ETH/USD traded in a range of $1,500.01 to $1,670.84, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.21 percent, totaling $20.37 billion, while the total market cap trades around $187.83 billion, resulting in market dominance of 19.83 percent.

 

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ETH/USD 4-hour chart: ETH looks to return above $1,550?

On the 4-hour chart, we can see the first bullish pressure leading back to the $1,550 previous support, likely as a retrace will follow later.

Ethereum price analysis: ETH quickly drops 11 percent, retrace incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded with strong bullish momentum over the past days as another higher low was set at $1,550 over the weekend. From there, ETH/USD began to rally, eventually reaching past the $1,650 resistance.

A slightly higher high was set before an immediate and strong push lower began. By the end of the day, ETH has broken past the $1,550 support and reached the $1,500 next major support.

Ethereum price has since failed to move any lower as the first signs of buying pressure were seen over the last hours. Likely ETH/USD will soon move back above $1,550 as a result, targeting to reach the next resistance at $1,600 by the end of tomorrow.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen bounce from the $1,500 support after slight consolidation earlier. Therefore, ETH/USD is ready to retrace and look to set a lower high over the next days, likely before more downside is reached.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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