- Ethereum price analysis is bearish today.
- ETH/USD saw reversal overnight.
- $3,500 resistance still holds.
Ethereum price analysis is bearish today as a sharp reversal was seen after a brief move above $3,500 yesterday. Therefore, we expect ETH/USD to decrease over the next 24 hours as bulls are still exhausted.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.7 percent, while Ethereum lost 2.02 percent. Meanwhile, Shiba Inu (SHIB) is still the best performer, with a gain of almost 65 percent.
Ethereum price movement in the last 24 hours: Ethereum reverses again after a brief test above $3,500
ETH/USD traded in a range of $3,354.47 – $3,541.45, indicating mild volatility over the last 24 hours. Trading volume has increased by only 0.89 percent, while the total market cap trades around $394.7 billion, resulting in a market dominance of 18.40 percent.
ETH/USD 4-hour chart: ETH to retrace further?
On the 4-hour chart, we can see the Ethereum price lacking momentum to hold above $3,500, indicating exhaustion for bulls.
Ethereum price has seen strong bullish momentum over the first days of October. After ETH/USD saw a consolidation formed at the end of September, with the $2,750 as support and $3,150 as resistance, a break higher was finally set on the 1st of October.
What followed was a move to the next major resistance at $3,500, where the current consolidation was set. After a brief retracement on Monday, ETH started heading higher again yesterday.
However, Ethereum price could only briefly move past the $3,500 resistance, indicating that bulls are still exhausted. What followed overnight was another decline back towards the previous local low, with further downside likely still to be seen.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as bulls are exhausted after another attempt to breach $3,500. Therefore, we should see ETH/USD retrace further today to invite more buying pressure back into the market.
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