- Ethereum price analysis is bearish today.
- ETH/USD set a strong lower high at $3,900 overnight.
- $3,650 previous low currently tested.
Ethereum price analysis is bearish today as we saw a strong drop back to the previous low after resistance was found at $3,900 overnight. Therefore, we expect ETH/USD to continue lower again and break past the $3,650 current low next.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, is up by 0.81 percent, while Ethereum has lost 1.5 percent. Meanwhile, Avalanche (AVAX) is the top performer, with a gain of over 16 percent.
Ethereum price movement in the last 24 hours: Ethereum consolidates below $3,900, spikes lower
ETH/USD traded in a range of $3,664.72 – $3,894.70, indicating substantial volatility over the last 24 hours. Trading volume has declined by 25.69 percent, totaling $18.28 billion, while the total market capitalization trades around $441.2 billion, resulting in a market dominance of 20.7 percent.
ETH/USD 4-hour chart: ETH looks to break below $3,950?
On the 4-hour chart, we can see strong selloff over the last hours for the Ethereum price, indicating that we should see another lower low set later in the day.
Ethereum price has seen a strong decline over the past week. After another major swing lower high was set at $4,500 on the 9th of December, bears quickly regained control.
ETH/USD initially dropped to $3,900, with a further spike lower seen on Monday to $3,650. Yesterday, ETH recovered to retest the previous support at $3,900 as resistance, setting a clear lower high.
Overnight, the market was calm, with bulls not able to push the Ethereum price any higher. In the morning, ETH/USD moved into a decline again, quickly reaching the previous low, which should lead to more downside over the next 24 hours.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as the market has seen a sharp drop over the last hours after peaking at $3,900. Therefore, we expect ETH/USD to break another lower low to continue along with the overall week-long decline.