Ethereum price analysis: ETH begins decline, support at $1,720 still holds
Ethereum price analysis is bullish today as we have seen failure to move any higher and previous lows tested at the $1,720 support. Likely ETH/USD will move for another push lower later today, beginning a much more substantial several day retrace later in the week.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 3.82 percent, while Ethereum lost 0.96 percent. Meanwhile, the rest of the top altcoins traded in between.
Ethereum price movement in the last 24 hours: Ethereum continues reversal
ETH/USD traded in a range of $1,721.63 to $1,782.73, indicating mild volatility over the last 24 hours. Trading volume has increased by 30.71 percent, totaling $16.27 billion, while the total market cap traded at $213.57 billion, resulting in market dominance of 19.87 percent.
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ETH/USD 4-hour chart: ETH looks to continue lower?
On the 4-hour chart, we can see Ethereum price action reacting slightly higher as bears prepare to break past the $1,720 support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen several days of bullish momentum from the $1,500 support. After an initial rally to $1,650, ETH/USD began consolidating on Friday, indicating a lower high will be set.
However, further upside quickly followed during the weekend, leading to the next resistance at $1,720. Another consolidation failed to reverse the market, with a quick spike setting the current high at $1,790.
Since then, Ethereum price has formed steady reversal consolidation and started to retest previous lows. Therefore, we expect the current retest of upside to create a base from which to break past the $1,720 previous low.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen steady reversal below $1,800 and a quick drop to $1,720 previous support. From there, ETH/USD has made a slight reaction lower, indicating that a lower local high will be set and selling pressure will return soon.
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