ETH retests previous high at $4,400, not yet ready to break higher?

22 m

Reading time: ~2 m

  • Ethereum price analysis is bearish today.
    ETH/USD rejected upside at $4,400.
  • Ethereum moves lower again.

Ethereum price analysis is bearish today as further upside was rejected yesterday after a strong rally. Therefore, ETH/USD is not yet ready to break higher and another test of downside should follow over the next 24 hours.

Ethereum Price Analysis: ETH retests previous high at $4,400, not yet ready to break higher?

After a strong decline at the beginning of last week, the Ethereum price has seen some bullish momentum return over the past days. After reaching the $3,950 mark on the 18th of November, a reaction to $4,400 followed over the weekend.

A slightly higher high was set, indicating a potential reversal forming. The following move lower set a higher low around $4,050, confirming that the market structure is turning bullish again.

However, the current upswing failed to reach further upside, peaking below $4,400 and setting a slightly lower low. Potentially, the Ethereum price action is looking to consolidate in an increasingly tighter range as the market direction has become unclear again.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we saw upside rejected, leading to a slightly lower high set below $4,400. Likely ETH/USD will move lower over the next 24 hours to test the previous low.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source link

You May Also Like