- Ethereum price analysis is bearish today.
- ETH/USD broke past $2,600 support yesterday.
- Next support at $2,500 tested overnight.
Ethereum price analysis is bearish today as we have seen a strong break lower again to the $2,500 mark. From there, ETH/USD quickly reacted higher, posting another local lower high, meaning more downside should follow next.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, posted a small gain of 0.38 percent, while Ethereum lost 0.36 percent. Rest of the market trades with similarly mixed results.
Ethereum price movement in the last 24 hours: Ethereum sets further low at $2,500, quickly retest previous support
ETH/USD traded in a range of $2,507.11 – $2,649.07, indicating substantial volatility over the last 24 hours. Trading volume has increased by 58.3 percent, totaling $12.59 billion, while the total market cap trades around $313 billion, resulting in a dominance of 17.95 percent.
ETH/USD 4-hour chart: ETH looks to set another lower high?
On the 4-hour chart, we can see the Ethereum price strongly reacting from the $2,500 support, leading back above $2,600 previous support.
Ethereum price action has seen strong bearish momentum take over again over the last days. After a strong higher high was set at $3,040 on the 1st of March, ETH/USD formed double top before starting to rapidly decline later in the week.
Around 15 percent were quickly lost to the $2,600 previous support in a couple of days. From there, ETH failed to react higher, leading to consolidation over the weekend.
Selling returned late yesterday, leading the Ethereum price towards the next support at $2,500. Therefore, the overall market structure has turned bearish again. Once the current reaction higher ends, we expect ETH/USD to move for another dive lower.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen more downside reached late yesterday. The following reaction higher has retested previous support as resistance, likely meaning ETH/USD is ready for further decline.