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Ethereum Price Analysis: ETH fails to break $3,775 resistance, another drop incoming?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD retested $3,775 resistance.
  • Bearish momentum slowly returning.

Ethereum price analysis is bearish today as the $3,775 resistance prevented further upside again. Likely ETH/USD needs another retracement before more upside can be reached.

Ethereum Price Analysis: ETH fails to break $3,775 resistance, another drop incoming? 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall saw a slight bullish momentum return over the last 24 hours. Both Bitcoin and Ethereum traded in the green, with a small gain of 0.07 and 0.59 as previous resistance levels were retested. Most of the altcoin saw similar price action.

Ethereum price movement in the last 24 hours: Ethereum retests resistance at $3,775

ETH/USD traded in a range of $3,704.69 – $3,769.92, indicating mild volatility over the last 24 hours. Trading volume has declined by 26.79 percent, totaling $8.86 billion. Meanwhile, the total market cap traded around $444.8 billion, resulting in a market dominance of 19.9 percent.

ETH/USD 4-hour chart: ETH set to test downside again?

On the 4-hour chart, we can see the Ethereum price slowly reversing to the downside as the $3,775 resistance could not be broken.

Ethereum Price Analysis: ETH fails to break $3,775 resistance, another drop incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen a strong selloff this week after a new strong higher high was set last week. After reaching $4,150 on the 23rd of December, ETH/USD set a series of local lower highs before a sharp drop on the 27th of December.

Over the next days, Ethereum declined by around 13 percent until a reaction was seen at $3,600. From there, the market briefly recovered above $3,800 before testing previous support again on Friday.

Since then, the Ethereum price action has seen a return to the $3,775 mark, likely resulting in a lower local high set. Over the next 24 hours, ETH/USD should test the downside again, with a higher low to be expected.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we saw the $3,775 mark reverse the price action again. Likely ETH/USD is headed for another test of downside before break higher can be attempted.

While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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