Ethereum price analysis is bearish today as we saw a strong drop lower again after consolidation yesterday. Therefore, more downside could follow past the $2,500 next support as selling pressure is still strong.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.2 percent, while Ethereum 5.95 percent. Meanwhile, most of the top altcoins follow closely.
Ethereum price movement in the last 24 hours: Ethereum fails to reverse, spikes lower again
ETH/USD traded in a range of $2,523.86 – $2,696.65, indicating strong volatility over the last 24 hours. Trading volume has increased by 28.22 percent, totaling $19.19 billion, while the total market cap trades at $304.62 billion, resulting in a dominance of 19.32 percent.
ETH/USD 4-hour chart: ETH tests $2,500
On the 4-hour chart, we can see Ethereum price is looking to continue even lower as selling pressure has not reduced.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong selling pressure over the past days. After a quick spike higher to the $2,950 mark, ETH/USD reversed on 5 May 2022 and dropped back to the $2,720 previous swing low.Â
After more consolidation followed, indicating a potential reversal to come Yesterday. However, another spike lower followed overnight, this time to the $2,500 support.
Therefore, Ethereum price action has sent a strong signal that the market is still weak. Likely we will see even further drop over the next 24 hours, past the $2,500 support.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bearish today as we have seen another strong drop and break past the $2,650 major support. Therefore, ETH/USD is likely headed even lower past the $2,500 early next week.
While waiting for Ethereum to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.
