logo

Ethereum Price Analysis: ETH retraces to $3,140, ready for another drop?  

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD saw another lower high set.
  • Another drop currently begins.

Ethereum price analysis is bearish today as we expect another drop to follow after a retracement to $3,140, where a lower high was set. Therefore, ETH/USD will likely reverse again today and look to test further downside next.

Ethereum Price Analysis: ETH retraces to $3,140, ready for another drop?   1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 2.23 percent, while Ethereum 3.04 percent. Meanwhile, Binance Coin (BNB) is among the top performers, with a gain of over 6 percent.

Ethereum price movement in the last 24 hours: Ethereum retraces previous loss

ETH/USD traded in a range of $2,947.68 – $3,138.20, indicating a moderate amount of volatility in the market. Trading volume has increased by 44.97 percent, totaling $19 billion, while the total market cap trades around $371 billion, resulting in a market dominance of 19.02 percent.

ETH/USD 4-hour chart: ETH prepares to drop again?

On the 4-hour chart, we can see selling pressure slowly returning for the Ethereum price as another lower high has been set.

Ethereum Price Analysis: ETH retraces to $3,140, ready for another drop?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has slowed down its decline over the past days. After previously declining by almost 20 percent, initial support was found around $3,100 on the 7th of January.

From there, further downside was tested twice. The last push lower took ETH/USD to $2,950 major support, where strong rejection was seen yesterday.

Since then, the Ethereum price action has retraced back above $3,100, setting another lower high. However, sellers are likely getting exhausted, meaning that we could see ETH/USD establish a higher low next.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we expect another test of downside to follow after a retracement took the market back above $3,100. Likely ETH/USD will test the previous low again, with a potential to finally set a higher low.

While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

[the_ad_placement id=”writers”]

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.

Related News

Hot Stories

Polkadot price analysis: DOT turns bearish again after pulling back up to $5.35, what’s next?
Bitcoin, Binance Coin, Polygon, and Litecoin Daily Price Analyses – 1 December Morning Prediction
Uniswap price analysis: Price progresses to $5.82 level as a result of bullish run
Here's why is Telegram building a crypto wallet and exchange
Top Cryptocurrencies to Invest In December: Chainlink (LINK), Cardano (ADA), and Orbeon Protocol (ORBN)

Follow Us

Industry News

OpenSea ends 2022 with major partnerships and $1B in NFT royalties
Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant
Sam Bankman-Fried first ever interview after FTX collapse
PoW crypto mining banned by NY governor: Will mining become extinct? 

Add Your Heading Text Here