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

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  • 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? 1
Cryptocurrency heat map. Source: Coin360

The overall market has traded mostly in the green over the last 24 hours. Bitcoin is up by 0.48 percent, while Ethereum is up by 3.17 percent. Meanwhile, Crypto.com Coin (CRO) is the top performer, with a gain of over 17 percent.

Ethereum price movement in the last 24 hours: Ethereum rejects upside at $4,400, continues lower

ETH/USD traded in a range of $4,123.89 – $4,385.48, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 3.37 percent, totaling $20.67 billion, while the total market cap trades around $504.64 billion, resulting in the market dominance of 19.65 percent.

ETH/USD 4-hour chart: ETH to set higher low next?

On the 4-hour chart, we can see bearish momentum returning for the Ethereum price action today as further upside was rejected.

Ethereum Price Analysis: ETH retests previous high at $4,400, not yet ready to break higher?
ETH/USD 4-hour chart. Source: TradingView

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.