Ethereum price analysis: ETH continues steady consolidation around $1,720, retrace incoming?
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Ethereum price analysis is bearish today as we have seen a new higher high around $1,740 and consolidation has followed since then. ETH/USD buyers are likely exhausted and a reversal is due in the coming days.
The market has been in a steady consolidation over the past 24 hours. Leader Bitcoin gained 0.15 percent, while Ethereum lost 0.61 percent. At the same time, other markets have performed with similar results.
Ethereum price change in the last 24 hours: Ethereum does not reverse
ETH/USD traded between $1,699.34 and $1,739.43, indicating mild volatility over the past 24 hours. The trading volume has decreased by 32.82 percent to a total of $13.45 billion, while the total market capitalization is around $210.33 billion, resulting in a market position of 20.12 percent.
ETH/USD 4 Hour Chart: ETH Now Ready To Track?
On the 4-hour chart, we continue to see a failure on the upside, indicating that selling pressure will return soon.
Ethereum price action continued to set a series of higher highs over the past few weeks as the rally back to $1,720 at major resistance continued. After the previous local high was set at $1,675, ETH/USD quickly reversed and crossed the previous lows.
New support was found at $1,500 on Wednesday, indicating that no further recovery will follow. The next bullish retest reached as high as $1,650, indicating a strong lower local high.
However, the reversal did not follow, because yesterday another spike higher followed. This time, the price of Ethereum rose as high as the $1,720 resistance level, indicating that the bulls are still in control of the multi-week trend, which should lead to further gains next week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish as we have seen a failure to break above $1,750 in the last 24 hours after a strong rally earlier in the week. Therefore, ETH/USD is poised to retrace and try to make a new higher low next week.
While you wait for Ethereum to move further, check out our articles on buying Litecoin, Filecoin and Polkadot.