- Ethereum price analysis is bearish for today.
- ETH/USD retested the $3,100 mark as a resistance yesterday.
- Ethereum moved lower again overnight.
Ethereum price analysis is bearish for the next 24 hours as further upside was rejected earlier today, and another decline to the $2,950 support was made. Therefore, we expect ETH/USD to continue moving lower later today and target the $2,850 support next.
The cryptocurrency market traded with mixed results over the last 24 hours. Market leaders, Bitcoin and Ethereum, have declined by 0.98 and 0.81, respectively. Meanwhile, Cardano (ADA) is among the best performers, with a gain of almost 6 percent.
Ethereum price movement in the last 24 hours: Ethereum declined back to $2,950 support
ETH/USD traded in a range of $2,963.15 – $3,124.98, indicating mild volatility over the last 24 hours. Trading volume has decreased by 24.35 percent and totals $19.35 billion. Meanwhile, the total market capitalization trades around $350.2 billion, resulting in market dominance of 18.41 percent.
ETH/USD 4-hour chart: ETH set to break below $2,950?
On the 4-hour chart, we can see the Ethereum price testing the $2,950 for the second time, likely resulting in a further drop today.
Ethereum price action has seen a substantial increase over the last month. After retesting the previous major support around $1,725, ETH/USD rallied by more than 90 percent to the $3,300 resistance.
However, the bullish momentum slowed down last week, with only slightly higher highs set until the $3,300 resistance was reached. After a third test of the resistance on the 17th of August, Ethereum finally broke lower and set a lower low at the $2,950 mark.
This Ethereum price action development indicates a short-term shift in momentum. As we saw a local lower high set at the $3,100 mark yesterday, we can assume ETH/USD will look to decline further over the next 24 hours and look to test the next support at $2,850 next.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for the next 24 hours as the upside was rejected around $3,100 yesterday, and the market price has returned to the $2,950 support. Therefore, we expect ETH/USD to break lower today and look to test the $2,850 support.
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