- Ethereum price analysis is bullish today.
- ETH/USD broke past previous support overnight.
- New support is currently found at $3,100.
Ethereum price analysis is bullish today as we expect a reaction higher to follow after a lower low set at $3,100. Likely ETH/USD will reverse from there, and look to set a lower high later in the week
The crypto market has seen a decline continue over the last 24 hours. The market leader, Bitcoin, has declined by 1.99 percent, while Ethereum has lost 3.31 percent. Meanwhile, the rest of the top altcoins have seen an even worse performance.
Ethereum price movement in the last 24 hours: Ethereum continues to decline, breaks past $3,200
ETH/USD traded in a range of $3,112.10 – $3,244.61, indicating mild volatility over the last 24 hours. Trading volume has increased by 25.61 percent, totaling $13.35 billion, while the total market cap trades around $372.8 billion, resulting in a market dominance of 18.97 percent.
ETH/USD 4-hour chart: ETH looks to reverse above $3,100?
On the 4-hour chart, we can see the Ethereum price currently slightly rejecting downside at $3,100, potentially leading to reversal later.
Ethereum price saw strong signs of reversal last week as a higher high at $3,400 was set on the 12th of January. The following retracement established a strong higher low at the $3,200 previous resistance, further strengthening the market structure.
However, the following rally peaked below $3,400, essentially forming a double top reversal pattern. Therefore, the current break below $3,200 previous low has sent a very bearish sign in the market.
Despite this, ETH/USD has already lost over 8 percent in a couple of days, and it’s not for a rebound. Most likely, we will see the Ethereum price retrace and set a lower high before more downside is tested later in the week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we expec the $3,100 mark to prevent further downside after a substantial drop over the last 24 hours. Therefore, ETH/USD should move to set lower high soon.