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Ethereum Price Analysis: ETH breaks $3,100, set to continue lower?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD set another local lower high.
  • Selling pressure is still strong. 

Ethereum price analysis is bearish today as the upside was rejected yesterday, leading to a break below $3,100 overnight. Therefore, we expect ETH/USD to continue lower over the next 24 hours.

Ethereum Price Analysis: ETH breaks $3,100, set to continue lower? 1
Cryptocurrency heat map. Source: Coin360

The market has seen mixed results over the last 24 hours. The leader, Bitcoin, gained 1.82 percent, while Ethereum followed with a 0.76 percent increase. Meanwhile, Terra (LUNA) is the top performer, with over 5 percent gain.

Ethereum price movement in the last 24 hours: Ethereum continued to retrace

ETH/USD traded in a range of $3,055.21 – $3,185.83, indicating mild volatility over the last 24 hours. Trading volume has increased by 4.9 percent, totaling $14 billion, while the total market cap trades around $375.8 billion, resulting in a market dominance of 18.79 percent.

ETH/USD 4-hour chart: ETH pauses before more downside?

On the 4-hour chart, we can see the Ethereum price breaching $3,100 before slightly moving higher, likely to set another local lower high.

Ethereum Price Analysis: ETH breaks $3,100, set to continue lower?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen steady decline over the past days. Last week a strong swing high was set at $3,400, indicating potential reversal forming. However, not much upside followed as ETH/USD was resisted by the $3,400 mark again on the 16th of January.

Since then, the market has slowly declined, breaching the previous local low at $3,200. Yesterday, the selloff continued, reaching the $3,100 mark before retesting the $3,200 mark as resistance.

Overnight, bears pushed the market below $3,100, leading to a slight recovery today. Likely the Ethereum price action will pivot soon and continue to push even lower over the next 24 hours.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we expect more downside to follow after another rejection of upside. Likely ETH/USD will move below the $3,100 support again and continue even lower.

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

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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