Ethereum price analysis is bearish today.ETH/USD spiked to $3,300 overnight.More downside followed since morning.
Ethereum price analysis is bearish today as we have seen a strong drop lower yesterday and continuation to the downside later in the day. Therefore, we expect ETH/USD to break the $3,200 support and move towards setting a lower low next.
Cryptocurrency heat map. Source: Coin360
The market has declined over the last 24 hours as a result of the previous push lower. The leader, Bitcoin, has declined by 4.53 percent, while Ethereum has over 7.25 percent.
Ethereum price movement in the last 24 hours: Ethereum continued to decline
ETH/USD traded in a range of $3,218.90 – $3,471.65, indicating a substantial amount of volatility over the last 24 hours. Trading volume has increased by 33.38 percent, with a total trading volume of $23.1 billion, while the total market cap trades at around $387.133 billion.
ETH/USD 4-hour chart: ETH looks to break $3,200
On the 4-hour chart, the Ethereum price looks to break even lower as the bearish momentum is still strong.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has finally peaked as strong signs of reversal have been seen today. After a lower high was set at $3,560, ETH/USD started to decline, quickly moving past the $ 3,400 support.
Further downside followed overnight as the $3,300 mark was tested. After some initial rejection, more selling resumed in the morning, taking ETH a lot lower – to the $3,200 previous support.
Since then, the Ethereum price action has attempted to break even lower, likely meaning that a lower low will soon be set. From there, we can expect a pullback and another lower high later in the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen strong selling pressure throughout the day. Likely ETH/USD will break the $3,200 mark soon and set a lower low, confirming the upcoming change in direction for the upcoming weeks.