Ethereum price analysis is bearish.ETH/USD has set another lower high.Selling pressure returned over the second half of the day.
Ethereum price analysis is bearish today as we have seen another lower high set late yesterday and pivot lower since. Therefore, more downside should follow, and the next support at $2,750 will be reached soon.
Cryptocurrency heat map. Source: Coin360
The market has seen mostly bearish results over the last 24 hours. The leader, Bitcoin, remained flat, while Ethereum lost 0.2 percent as the previous gain was retraced. The rest of the top altcoins follow close by.
Ethereum price movement in the last 24 hours: Ethereum completes retracement at $2,950
ETH/USD traded in a range of $2,841.23 to $2,973.13, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 19.7 percent, totaling $19.395 billion, while the total market cap is at 343.88 billion, resulting in a dominance of 19.33 percent.
ETH/USD 4-hour chart: ETH is on its way lower again
The 4-hour chart indicates selling pressure is already pushing the Ethereum price lower, meaning that further lows should be tested by the end of the week.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong volatility over the past week. Further low was set at $2,770 on 26 April 2022 before retracement followed during the middle of the week.
Yesterday the next major resistance at $2,950 was reached after several attempts to break higher. ETH/USD eventually stabilized around $2,950 resistance before selling pressure returned overnight.
Since then, Ethereum price has seen a return to the downside, with the $2,850 mark currently tested again. If the local support gets broken soon, we expect another lower low to be set by the end of the weekend at $2,750.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong lower high set late yesterday and consolidation overnight turn into another push lower. Therefore, another lower low will likely be soon set, and the several-week decline will be prolonged.