Ethereum price analysis is bearish today as we have seen a further decline over the last 24 hours, leading below the $2,400 mark over the last hours. Likely the bearish momentum will continue even further, with the next major target at $2,300.
Cryptocurrency heat map. Source: Coin360
The market has seen a lot more downside continued to be tested over the last 24 hours. The leader, Bitcoin, lost 6.29 percent, while Ethereum over 6.21 percent. Meanwhile, the rest of the top altcoins have seen an even worse performance.
Ethereum price movement in the last 24 hours: Ethereum drops another 8 percent
ETH/USD traded in a range of $2,360.17 to $2,567.11, indicating strong volatility over the last 24 hours. Trading volume has increased by 37.82 percent, totaling $27.3 billion, while the total market cap trades around $286.44 billion, resulting in market dominance of 19.41 percent.
ETH/USD 4-hour chart: ETH targets $2,300 next?
On the 4-hour chart, we can see strong selling still taking place, likely meaning that the $2,300 next major support will be tested by the end fo the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a steady decline over the last days after the $2,950 mark reversed the market on May 4 2022. After the initial spike lower to $2,700, ETH/USD continued to test further downside over the weekend, reaching the $2,500 next support.
Slight reaction and consolidation followed late yesterday, with selling pressure returning overnight. Since then, ETH has declined past the $2,400 next price milestone, indicating an extension for the decline.
However, since the next support at $2,300 is still relatively far away, we expect the Ethereum price to decline even further. Once the next major support is reached, ETH/USD could see a quick reversal.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong decline over the last 24 hours leading below $2,400. Therefore, there is still room to drop to the next major support at $2,300.