Ethereum price analysis: ETH swiftly spikes to $1288 reversal incoming?

Today’s Ethereum price analysis is bearish as we see a strong bounce above the previous high accompanied by an immediate reaction to the downside. Hence, ETH/USD has peaked and is poised to catch up with the previous gains.

The market has had mixed results over the last 24 hours. The best-performing Bitcoin lost 0.75% while Ethereum was up 0.67%. Meanwhile, other markets followed with mixed results.

Ethereum price action in last 24 hours: Ethereum surges above previous high

ETH/USD has been trading between $1195.61 and $1275.78, indicating significant volatility over the last 24 hours. Trading volume fell 29.82 percent to a total of $13.75 billion, while the total market cap stood at around $150.38 billion, resulting in a 16.06 percent dominance.

ETH/USD 4-hour chart: ETH retests higher before another sell-off
The 4 hours chart has been showing strong downward pressure since the morning, indicating that a key support point has been established in the market. Ethereum price is likely to quickly retest its previous highs in the coming hours before attempting another dip.

Ethereum price action has been trading with strong volatility over the past week forming a very broad area of ​​consolidation with support above $1000 and resistance around $1250. After the recent swing low and a quick pullback to the upside, ETH/USD erased almost all of the previous Thursday’s losses.

From there, ETH slowly surged higher on Friday, eventually topping its previous high of $1,280 for a brief period. This was soon followed by another downward reaction, indicating another inflection point in the market.

Moreover, the current retest to the upside should lead to lower local highs and set the stage for further downside. We may see another decline tomorrow with another break of the USD 1725 level.

Ethereum Price Analysis: Conclusion

Ethereum price analysis is bearish today as we saw another strong push higher yesterday which led to another bull run. Therefore, we suggest that the bulls have run out and ETH/USD is poised to return to another downside.

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