Ethereum price analysis: ETH fails to break higher, consolidation around $2,600 to follow?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD set higher low yesterday.
• Upside rejected at $2,680.

Ethereum price analysis is bearish today as we have seen rejection for upside over the past hours. Therefore, ETH/USD is likely to move back to previous support and try to retest it again over the next 24 hours.

The market has moved with mixed results over the last 24 hours. The ladder, Bitcoin, lost 0.36 percent, while Ethereum 0.71 percent. Meanwhile, Polkadot (DOT) has moved against the overall bearish trend and has gained 6 percent.

Ethereum price movement in the last 24 hours: Ethereum sets higher low, looks to break higher

ETH/USD traded in a range of $2,534.69 – $2,664.56, indicating substantial volatility over the last 24 hours. Trading volume has declined by 15 percent, totaling $12.12 billion, while the total market cap trades around $309.4 billion, resulting in a dominance of 17.75 percent.

ETH/USD 4-hour chart: ETH rejects upside again

On the 4-hour chart, we can see the Ethereum price being pushed down again over the last hours, likely leading to more downside later today.

Ethereum price action saw a new swing low set at $2,440 at the beginning of the week. From there, ETH/USD consolidated until early in Wednesday, when a sharp spike to $2,750 previous support/resistance level was seen.

However, more upside did not follow later in the week. ETH quickly retraced most of the gain by the start of Thursday. Consolidation has followed since then, with the $2,600 mark serving as the central level around which the price moved.

Earlier today, bulls attempted to push the Ethereum price higher again, leading to the $2,680 mark. Sellers quickly returned during the middle of the day, leading ETH/USD back lower over the past hours.

Overall, the current price movement indicates weakness in the market. We will most likely see more tests of downside by the end of the day, which could lead to further lower lows tested over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen rejection for upside over the last hours. Therefore, ETH/USD is likely to trade lower later today and potentially test even further lows.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.