Ethereum price analysis is bearish today.ETH/USD saw another drop yesterday.Reaction higher seen overnight.
Ethereum price analysis is bearish today as we have seen another strong lower high and low set over the past days. Likely the current reaction higher will not hold for long, and ETH/USD will continue even lower soon.
Cryptocurrency heat map. Source: Coin360
The market has moved in the red over the last 24 hours again. Leaders, Bitcoin and Ethereum, lost 3.62 and 4.45 percent, respectively. Meanwhile, Dogecoin (DOGE) is the worst performer among the major altcoins, with over a 10 percent decline.
Ethereum price movement in the last 24 hours: Ethereum tests further downside, reacts higher overnight
ETH/USD traded in a range of $2,786.25 – $2,911.88, indicating substantial volatility over the last 24 hours. Trading volume has increased by 15.23 percent, totaling $21.4 billion, while the total market cap trades around $343.62 billion, resulting in a dominance of 19.29 percent.
ETH/USD 4-hour chart: ETH looks to spike lower again?
On the 4-hour chart, we can see selling pressure returning over the last hours for the Ethereum price action, likely leading to more downside tested soon.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen more downside tested so far this week. After another lower high was set at $3,040 on the 26 April 2022, ETH/USD quickly began to decline.
A new low was set at $2,770 later in the day, indicating that bears are still in control. Overnight, reaction higher followed to $2,920, meaning that another strong lower local high is set.
Over the last hours, we have seen rejection for further upside. Likely the Ethereum price action will continue even lower and look to test further downside as not enough downside was reached previously.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another lower local high set and more selling pressure over the last hours. Therefore, ETH/USD should soon continue declining towards the $2,750 next support.