Ethereum Price Analysis: ETH reaches a new all-time high at $4,840, set for a retracement?

Ethereum price analysis is bearish today as bulls are likely exhausted after setting a strong higher high at $4,840 overnight. Therefore, we expect ETH/USD to retrace over the next 24 hours and retest the previous high at $4,650 as support.

Cryptocurrency heat map. Source: Coin360

The overall market saw bullish momentum continue over the last 24 hours. Bitcoin gained 2.58 percent, while Ethereum 0.79 percent. Meanwhile, Litecoin (LTC) dominated the market, with a gain of 18 percent.

Ethereum price movement in the last 24 hours: Ethereum reaches $4,840 as bullish momentum slows down

ETH/USD traded in a range of $4,710.24 – $4,837.59, indicating moderate volatility over the last 24 hours. Trading volume has increased by 17.66 percent and totals $19.54 billion, while the total market cap trades around $564 billion, resulting in the market dominance of 19.35 percent.

ETH/USD 4-hour chart: ETH set to test $4,650  as support next?

On the 4-hour chart, we can see bearish momentum slowly returning for the Ethereum price action,  likely leading to a retracement over the next 24 hours.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw continuous growth over the past weeks with clear higher highs and lows set. After previously peaking at $4,650, ETH/USD retraced over the second half of last week, setting a  higher low at $4,350.

From there, Ethereum swiftly reversed, reaching the previous high by Monday. Further upside followed, leading ETH to set a new all-time high early Today.

However, currently, the bullish momentum has become exhausted. We expect Ethereum price action to retrace some of the gain to establish a higher low before continuing higher. Likely support will be found at the previous high resistance at $4,650.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as rejection for further upside can be seen over the past hours after a new all-time high was set at $4,840. Therefore, we expect ETH/USD to reverse and move to retest the previous high as support next.

While waiting for Ethereum to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

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