Ethereum price analysis is bearish today as we have seen further downside tested over the last 24 hours. ETH/USD will likely continue even lower and look to reach the next support at $1,100 over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 3.85 percent, while Ethereum by 3.38 percent. The rest of the top altcoins have followed close by with similar results.
Ethereum price movement in the last 24 hours: Ethereum continued lower
ETH/USD traded in a range of $1,139.91 to $1,185.61, indicating substantial volatility over the last 24 hours. Trading volume has increased by 19.26 percent, totaling $11.365 billion, while the total market cap trades around $138.82 billion, resulting in market dominance of 15.22 percent.
ETH/USD 4-hour chart: ETH targets the $1,100 support next?
On the 4-hour chart, we can see the Ethereum price continuing to decline as no support could be found overnight.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw a new major swing high set late last week. After over a week-long rally, ETH/USD gained 227 percent and reached the $1,250 previous resistance.
Shortly after, a reversal followed, bringing the market to start consolidation above $1,200. From there, further downside followed early yesterday, resulting in a break past the $1,175 support.
Since then, the Ethereum price has continued to drop and currently trades around $1,140. Considering the current momentum, ETH/USD should continue even lower by the end of the day and look to test the $1,100 support soon.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as there have been nos signs of a slowdown for the decline that started early yesterday. Therefore, we expect ETH/USD to drop even further and look to reach the $1,100 support next.