Ethereum price analysis is bearish today.ETH/USD saw $3,300 resistance tested late yesterday.Strong selloff started before midnight.
Ethereum price analysis is bearish today as we have seen a strong decline and break below the previous support level. Currently, the $3,000 mark has already been reached, indicating strong selling pressure still dominating the market.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 4.23 percent, while Ethereum has declined by 6.72 percent. Meanwhile, the rest of the top altcoins have seen a similar decline.
Ethereum price movement in the last 24 hours: Ethereum fails to rally, drops 8,5 percent
ETH/USD traded in a range of $3,026.53 – $3,303.00, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 113.36 percent, totaling $18.862 billion, while the total market cap trades around $364.265 billion, resulting in market dominance of 19.47 percent.
ETH/USD 4-hour chart: ETH looks to test $3,000
On the 4-hour chart, we can see selling pressure still strong as the $3,000 mark is soon to be reached.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw a rapid decline and consolidation last week. After the initial drop to $3,150, ETH/USD found resistance at $3,300 and formed a higher local low.
Another attempt to recover above $3,300 followed late yesterday, however, buying pressure quickly dropped, leading ETH to spike to $3,150 previous low. After some initial pause, more downside followed early in the morning.
The next support at $3,000 was almost reached this time, indicating a strong lower low set. Likely sellers are not done yet, and more tests will follow.
Alternatively, we could see retracement begin soon as the market is quite extended so far. Potentially the $3,150 previous low and $3,200 support will be retested as resistance, and another lower high will be set around there.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong spike lower to $3,000. Likely ETH/USD will continue even lower and look to break the $3,000 support later in the day.