Ethereum price analysis: ETH continues steady consolidation around $1,720, retrace incoming?
ETH/USD peaked around $1,740.
Steady consolidation seen since yesterday.
Ethereum price analysis is bearish today as we have seen a new higher high set around $1,740, with consolidation following ever since. ETH/USD buyers are likely exhausted, and reversal is due over the next days.
Cryptocurrency heat map. Source: Coin360
The market has traded within steady consolidation over the last 24 hours. The leader, Bitcoin, gained 0.15 percent, while Ethereum lost 0.61 percent. Meanwhile, the rest of the market has traded with similar results.
Ethereum price movement in the last 24 hours: Ethereum fails to reverse
ETH/USD traded in a range of $1,699.34 to $1,739.43, indicating mild volatility over the last 24 hours. Trading volume has declined by 32.82 percent, totaling $13.45 billion, while the total market cap trades around $210.33 billion, resulting in market dominance of 20.12 percent.
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ETH/USD 4-hour chart: ETH now ready to retrace?
On the 4-hour chart, we can see further failure to move higher, indicating that selling pressure will soon return.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has continued to set a series of higher highs over the past weeks as recovery back to $1,720 major resistance continued. After the previous local high was set at $1,675, ETH/USD quickly reversed, spiking past previous lows.
New support was found at $1,500 on Wednesday, indicating that further recovery will not follow. The following retest of the upside reached as high as the $1,650 mark, indicating a strong lower local high set.
However, reversal did not follow as another spike higher followed yesterday. This time, Ethereum price rallied as high as the $1,720 resistance, indicating that bulls are still in control over the several-week trend, which should lead towards further upside next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish as we have seen failure to move above $1,750 over the last 24 hours after a strong rally earlier in the week. Therefore, ETH/USD is ready to retrace and attempt to set another higher low next week.
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