- Ethereum price analysis is bearish today.
- ETH/USD saw further retracement overnight.
- Previous local high at $2,750 currently tested.
Ethereum price analysis is bearish today as we saw a retest of the previous local high at $2,750 met with a reaction lower. Likely ETH/USD will pivot from there and continue testing further downside along with the overall several-week bearish trend.
The market has moved higher over the last 24 hours. The leader, Bitcoin, gained 2.58 percent, while Ethereum by 4.36 percent. The rest of the top altcoins have seen a similar bullish performance.
Ethereum price movement in the last 24 hours: Ethereum continues retracing, finds resistance at $2,750
ETH/USD traded in a range of $2,588.58 – $2,741.37, indicating substantial volatility over the last 24 hours. Trading volume has declined by 31.78 percent, totaling $13.1 billion, while the total market cap trades around $324.13 billion, resulting in a dominance of 18.45 percent.
ETH/USD 4-hour chart: ETH looks to reverse?
On the 4-hour chart, we can see the Ethereum price reacting at the $2,750 previous high, likely leading to another push lower later today.
Ethereum price action has seen a strong decline over the past week. After a clear lower high was set at $3,200 on the 15th of February, ETH/USD began to decline rapidly.
By the 18th of February, the previous local low at $2,850 was broken without much hesitation, leading to further lows tested since. Currently, the last low is seen at $2,500, meaning a total decline of over 21 percent.
The previous local high was set at $2,750, and the Ethereum price has moved to retest it over the last 24 hours. Currently, reaction at the resistance is seen, potentially indicating reversal back to the downside is incoming.
If the $2,500 current low gets broken, we expect a lot more downside later in the week as the next major support is located around $2,300-$2,350. Alternatively, if the $2,500 low holds, a more substantial reversal could be seen by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as the market has retested the previous high at $2,750 and met some resistance. Therefore, we are likely to see ETH/USD reverse from there and make its move to the downside again soon.