- Ethereum price analysis is bearish today.
- ETH/USD starts to retrace from $3,500 resistance.
- Closest support at $3,150.
Ethereum price analysis is bearish today as bearish momentum has taken over after a second attempt to break past the $3,500 resistance. Therefore, we expect ETH/USD to see further downside over the next 24 hours and likely target the $3,150 previous resistance as a potential support area.
The cryptocurrency market has seen a bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 0.61 and 2.23 percent, respectively. Meanwhile, Axie Infinity (AXS) is the top performer, with a gain of 36 percent.
Ethereum price movement in the last 24 hours: Ethereum retraces from $3,500 major resistance
ETH/USD traded in a range of $3,303.05 – $3,484.61, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 13.58 percent and totals $15.62 billion, while the total market cap trades around $393 billion, resulting in the market dominance of 18.62 percent.
ETH/USD 4-hour chart: ETH targets $3,150 next?
On the 4-hour chart, we can see Ethereum price moving lower as bears look to retrace some of the gains seen last week.
Ethereum price had seen bullish momentum return late last week. After a more than week consolidation above the $2,750 support, a clear resistance was set at the $3,150 previous major support.
ETH/USD saw a slightly higher low established above $2,750 early last week, indicating some bullish momentum building up. Further upside indeed did follow, with ETH breaking above the $3,150 mark on Friday.
Over the following 24 hours, Ethereum price reached the $3,500 next major resistance. From there, selling pressure returned, leading Ethereum to the current retracement, which should continue over the next 24 hours.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as bearish momentum pushed the market lower over the last 24 hours after a retest of the $3,500 resistance. Therefore, we expect ETH/USD to see further downside next, with the $3,150 previous resistance likely to be retested as support.
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