Ethereum price analysis is bearish today as we have seen a strong decline over the last 24 hours and a clean break past the $1,100 support. Therefore, ETH/USD is likely headed even lower and will look to break the $1,050 next minor support level.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours as the global selloff continued. The leader, Bitcoin, lost 4.26 percent, while Ethereum over 7 percent. Meanwhile, most of the top altcoins followed with similar results.
Ethereum price movement in the last 24 hours: Ethereum fails to find support
ETH/USD traded in a range of $1,056.05 to $1,155.00, indicating substantial volatility over the last 24 hours. Trading volume has increased by 7.11 percent, totaling $12.32 billion, while the total market cap trades at around $128.93 billion, resulting in a dominance of 14.73 percent.
ETH/USD 4-hour chart: ETH looks to break $1,050?
On the 4-hour chart, we can see strong selling pressure over the past hours lead the Ethereum price to the $1,050 mark. However, as a clear reaction higher is yet to be seen, we assume that more selling will take place soon.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw a strong swing high set last week at the $1,275 mark. ETH/USD quickly reversed from there and started to push lower after a brief consolidation above $1,200.
After a strong break below $1,175 support, ETH quickly declined during the middle of Yesterday. By the end of the day, another strong spike lower resulted in a clear break past the $1,100 support, eventually leading to the $1,050 mark.
Therefore, if a clear reaction higher does not follow by the end of the day, we expect the Ethereum price to continue even lower. Likely the $1,000 support will be reached next, meaning that the previous swing low will be retested.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as a strong selloff has continued over the last 24 hours. Likely the $1,050 local minor support will soon break, opening the way towards the $1,000 major swing low.