- Ethereum price analysis is bearish today.
- ETH/USD saw further decline yesterday.
- Support at $2,700 currently tested.
Ethereum price analysis is bearish today as more downside has been reached over the last 24 hours. ETH/USD currently tests the $2,700 mark, which if broken, should lead to a lot more downside over the next 24 hours.
The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, has lost 1.17, while Ethereum lost a more substantial 5.61 percent.
Ethereum price movement in the last 24 hours: Ethereum drops past $2,850 major support, tests $2,700
ETH/USD traded in a range of $2,707.38 – $2,858.66, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 8.04 percent, totaling $15.17 billion. Meanwhile, the total market cap trades around $326.5 billion, resulting in a dominance of 18.15 percent.
ETH/USD 4-hour chart: ETH tests $2,700
On the 4-hour chart, we can see the Ethereum price currently testing the $2,700 next support, with some signs of support seen as of now.
Ethereum price action has seen a strong advance this month as a new major swing high was set just under $3,300. The following retracement set a higher low at $2,850 last week, indicating further upside will follow.
However, ETH/USD could not move past the $3,200 mark, meaning a lower high was set. From there, bears took over on the 17th of February, pushing the market back towards its previous low.
Yesterday, the $2,850 previous low was broken in a clear way, further confirming a change in the overall trend direction. Today, more downside at the $2,700 next support was reached, with good potential for more downside to come.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen further downside tested over the last 24 hours, leading to the $2,700 mark. Likely ETH/USD will consolidate for some time before more downside is tested later in the weekend.