- Ethereum price analysis is bearish today.
- ETH/USD broke past $2,600 local support.
- Next support at $2,500 reached overnight.
Ethereum price analysis is bearish today as we have seen further downside reached over the last 24 hours. Therefore, ETH/USD still remains bearish, and we expect more downside to follow after another lower high is set over the next hours.
The market has traded in the red over the last 24 hours as more selling pressure was seen across the board. The leader, Bitcoin, lost 2.47 percent, while Ethereum 3.33 percent. The rest of the top altcoins have seen similar results.
Ethereum price movement in the last 24 hours: Ethereum continues to decline
ETH/USD traded in a range of $2,510.68 – $2,734.56, indicating substantial volatility over the last 24 hours. Trading volume has increased by 27.2 percent, totaling $19.83 billion, while the total market cap trades at $316.65 billion, resulting in a dominance of 18.43 percent.
ETH/USD 4-hour chart: reacts from $2,500
On the 4-hour chart, we can see the Ethereum price action reacting from the $2,500 support, likely as another local lower high is about to be set.
Ethereum price action has seen a strong reversal over the past days. After failing to reach the previous high at $3,300, ETH/USD peaked at $3,200 on the 16th of February.
Since then, ETH has seen a strong break past $2,850 previous low, with further selling still continuing. Yesterday, signs of reversal were seen at the $2,600 mark as the market reacted strongly to it.
However, after not much upside was gained, sellers pushed even lower overnight, leading to the $2,500 mark, meaning a total loss of around 31.5 percent. Currently, a reaction higher can be seen as another lower high is likely being set before selling returns.
Overall, the Ethereum price structure is still very bearish. Over the next 24 hours, we expect more downside to be tested, likely leading past $2,500 local support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as another strong lower low was set overnight. Therefore, we expect another lower high to be set soon and more selling to resume over the next 24 hours.