- Ethereum price analysis is bearish today.
- ETH/USD pivoted from the $3,650 resistance again.
- Ethereum is set to test more downside.
Ethereum price analysis is bearish today as a downside was seen again overnight, leading ETH back below the $3,500 mark. Therefore, we expect ETH/USD to see further downside over the next 24 hours.
The overall market traded in the red over the last 24 hours, despite Bitcoin gaining 1.68 percent. Ethereum lost 3 percent, while the rest of the top altcoins saw around 5 percent loss.
Ethereum price movement in the last 24 hours: Ethereum moves below $3,500 again
ETH/USD traded in a range of $3,452.93 – $3,619.06, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 5.65 percent and totals $16.5 billion, while the total market cap trades around $412.53 billion, resulting in the market dominance of 17.78 percent.
ETH/USD 4-hour chart: ETH to continue lower?
On the 4-hour chart, we can see Ethereum price is controlled by bears at the momentum, indicating further downside will follow.
Ethereum price action has seen strong bullish momentum over the first days of October. From the previous major support of $2,750 to the current swing high of $3,650, a gain of 33 percent was seen in a relatively short time period.
However, bullish momentum for ETH/USD has been exhausted, as reflected in the slow consolidation over the past days. After several failed attempts to move higher, ETH saw a spike lower early yesterday to the $3,400 mark.
What followed was a reaction higher back towards the previous highs. A slightly lower high was set before the Ethereum price moved lower again. Overall, the price action development indicates we will see further downside later today, with the $3,400 previous support likely to be tested.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as more downside was seen overnight, leading ETH back below $3,500. Therefore, we expect more downside over the next 24 hours, with the previous low at $3,400 likely tested next.
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