Ethereum price analysis: ETH swiftly drops 11 percent, retrace incoming?

Ethereum price analysis is bullish today as we have seen support at $1,500 tested and a brief consolidation this morning. Therefore, ETH/USD is now ready to regain some of the loss and look to set a lower high by the end of the week.

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.51 percent, while Ethereum over 6 percent. Meanwhile, the rest of the market has seen similar decline.

Ethereum price movement in the last 24 hours: Ethereum sets strong lower low

ETH/USD traded in a range of $1,500.01 to $1,670.84, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.21 percent, totaling $20.37 billion, while the total market cap trades around $187.83 billion, resulting in market dominance of 19.83 percent.

 

ETH/USD 4-hour chart: ETH looks to return above $1,550?

On the 4-hour chart, we can see the first bullish pressure leading back to the $1,550 previous support, likely as a retrace will follow later.

Ethereum price action has traded with strong bullish momentum over the past days as another higher low was set at $1,550 over the weekend. From there, ETH/USD began to rally, eventually reaching past the $1,650 resistance.

A slightly higher high was set before an immediate and strong push lower began. By the end of the day, ETH has broken past the $1,550 support and reached the $1,500 next major support.

Ethereum price has since failed to move any lower as the first signs of buying pressure were seen over the last hours. Likely ETH/USD will soon move back above $1,550 as a result, targeting to reach the next resistance at $1,600 by the end of tomorrow.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen bounce from the $1,500 support after slight consolidation earlier. Therefore, ETH/USD is ready to retrace and look to set a lower high over the next days, likely before more downside is reached.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.