Ethereum price analysis is bearish today as we have seen consolidation after a brief retest of upside over the past 24 hours. Therefore, bears have gathered enough momentum to soon push ETH/USD towards the $1,500 next support.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.64 percent, while Ethereum lost 2.25 percent. Binance Coin (BNB) was the top performer from the major altcoins with over 4 percent gain.
Ethereum price movement in the last 24 hours: Ethereum prepares to break $1,600
ETH/USD traded in a range of $1,610.83 to $1,667.93, indicating mild volatility over the last 24 hours. Trading volume has declined by 26.86 percent, totaling $15.13 billion, while the total market cap trades around $197 billion, resulting in a dominance of 18.49 percent.
ETH/USD 4-hour chart: ETH targets $1,500 next?
On the 4-hour chart, we can see the Ethereum price action testing local support, indicating that a break lower will soon follow.
Ethereum price action set a strong higher swing high last week after rallying during the middle of July. New resistance was found at $1,760, and from there, ETH/USD formed several day consolidation with support at $1,680.
On Monday, ETH broke out of the consolidation, resulting in a drop to $1,560 later. Further downside was not seen since then as a slight reaction higher followed on Tuesday to the $1,680 previous support that now acts as a resistance.
Over the last 24 hours, consolidation has followed as Ethereum price action slowly pivots lower again. Likely ETH/USD will break even lower overnight as a result of weakening buying pressure, which will lead to further retracement by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a clear lower high set and pivot lower overnight. Therefore, we expect ETH/USD to soon drop even lower and push towards further downside, which likely will be the $1,500 next support.