Ethereum price analysis: ETH retraces to $2,050, another drop incoming?

Ethereum price analysis is bearish today as we have seen another strong lower high set at $2,050 and the first push lower. Therefore, ETH/USD should see a bearish start to the weekend, potentially leading towards the $1,700 major support.

The market has traded in the red over the last 24 hours as sellers returned over the last hours. The leader, Bitcoin, lost 2.69 percent, while Ethereum 1.67 percent. SOL and AVAX were meanwhile the worst performers, with over 5 percent loss.

Ethereum price movement in the last 24 hours: Ethereum sets a lower high at $2,050

ETH/USD traded in a range of $1,963.08 to $2,054.80, indicating mild volatility over the last 24 hours. Trading volume has declined by 18.09 percent, totaling $16.2 billion, while the total market cap trades around $237.81 billion, resulting in a dominance of 19 percent.

ETH/USD 4-hour chart: ETH ready to decline further?

On the 4-hour chart, we can see the first push lower already in progress, indicating that more downside will soon follow.

Ethereum price has seen steady price development over the last week as the market traded around the $2,000 mark. After failing to reach further upside on Tuesday, ETH/USD set a clear lower local low, indicating that the market has shifted back to bearish momentum.

From there, the $1,900 support was set as the new local low before the upside was retested late yesterday. A new local high was reached at around $2,050 before selling pressure resumed over the second half of today.

This Ethereum price action development indicates that we can expect more downside over the next 24 hours and the weekend as a whole. Likely, bears will actively try to reach the $1,700 previous swing low before the decision is made if the several-week downtrend continues.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a steady retrace stop at the $2,050 mark, indicating that another clear lower local high has been set. Therefore, ETH/USD is ready to resume its decline over the weekend and reach the $1,700 major support.

While waiting for Ethereum to move further, see our articles on how to buy BTT, Elongate, and CRO coins.