TL;DR Breakdown
Ethereum price analysis is bearish today.ETH/USD saw another spike lower overnight.Reaction from the $2,800 mark seen over the last hours.
Ethereum price analysis is bearish today as we have seen a strong drop to the $2,800 mark indicating further selling pressure. Therefore, ETH/USD will likely soon continue even lower after the current reaction higher is finished.Â
Cryptocurrency heat map. Source: Coin360
The market has continued to decline over the last 24 hours. Bitcoin lost 1.69 percent, while Ethereum 2.53 percent, with the rest of the top altcoins declining even more.
Ethereum price movement in the last 24 hours: Ethereum breaks consolidation to the downside
ETH/USD traded in a range of $2,804.51 – $2,961.88, indicating strong volatility over the last 24 hours. Trading volume has spiked by 113.7 percent, totaling $18 billion, while the total market cap trades at $346.64 billion, resulting in a dominance of 19.17 percent.
ETH/USD 4-hour chart: ETH ready to continue lower?
On the 4-hour chart, we can see a slight upsurge over the last hours met with more selling pressure, indicating the Ethereum price action will soon continue even lower.
ETH/USD 4-hour chart. Source: TradingView
The Ethereum price action has seen another push lower since late last week. After the initial drop to $2,950, ETH/USD started to consolidate, indicating that a reversal could happen and a higher low is set.
However, late yesterday bears pushed the market price below the consolidation. Another 5 percent were quickly lost until the $2,800 mark offered support.
From there, the Ethereum price reacted higher to $2,900 during midday and rejected further upside as well. Therefore, ETH/USD should soon start to decline even further and target the $2,750 mark next.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bearish today as we have seen further downside overnight and a quick reaction higher over the past hours. Therefore, ETH/USD is likely ready to continue even lower and test the $2,750 support next.
While waiting for Ethereum to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.
