TL;DR Breakdown
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.
While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.
