The market has traded in the red over the last 24 hours as resistance levels were reached across the board. Bitcoin declined by 2.23 percent, while Ethereum a more significant 4.21 percent. Meanwhile, Solana, Avalanche, and Polkadot were the worst performers, with over 5 percent declines.
Ethereum price movement in the last 24 hours: Ethereum fails to reach $1,250, moves back below $1,150.
ETH/USD traded in a range of $1,073.88 to $1,185.43, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19.27 percent, totaling $14.28 billion, while the total market cap trades around $132.67 billion, resulting in a dominance of 14.71 percent.
ETH/USD 4-hour chart: ETH looks to continue lower?
On the 4-hour chart, we can see the Ethereum price action starting to test the downside again, indicating that another push lower should follow later in the week. Once the momentum starts going, ETH/USD should look to break past the $900 support.
ETHEREUM PRICE ANALYSIS: CONCLUSION
Ethereum price analysis is bearish today as we have seen reversal signals over the last 24 hours after the $1,250 mark could not be reached. ETH/USD has already moved back below $1,150 local resistance, indicating that a strong push to the downside should soon follow.