- Ethereum price analysis is bearish today.
- ETH/USD peaked at $3,200 yesterday.
- Next target at $2,950 major support.
Ethereum price analysis is bearish today as we saw a lower high set over the last 24 hours and selling pressure return. Therefore, we expect ETH/USD to decline further and potentially test the $2,950 support next.
The market has seen bearish momentum return over the last 24 hours. Market leaders, Bitcoin and Ethereum, are in the red with a loss of 1.02 and 1.13 percent. Meanwhile, Terra (LUNA) is the worst performer, with a loss of over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum sets lower high
ETH/USD traded in a range of $3,086.01 – $3,206.79, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 25.64 percent, totaling $12.3 billion. Meanwhile, the total market cap trades around $368.7 billion, resulting in a market dominance of 18.96 percent.
ETH/USD 4-hour chart: ETH starts to decline again
On the 4-hour chart, we can see the Ethereum price declining again as bearish momentum has returned.
Ethereum price action saw strong decline last week as the market broke lower on the 5th of January. Over the weekend, ETH/USD reached a new low at $3,000, meaning a total loss of over 20 percent in less than a week.
Yesterday, bulls retraced some of the previous loss, leading to a new lower high set at $3,200. Since then, selling pressure has slowly returned, leading back below the $3,100 mark today.
Likely the Ethereum price action will continue even lower as the next major support is located at $2,950. In case ETH/USD can set a higher low, we could see reversal form over the rest of the week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect more downside to be tested after a lower high was set at $3,200. Likely ETH/USD will look to test further lows, with the next support located at the $2,950 mark.