Ethereum
$ 1,162.92 3.47%
Solana
$ 36.40 6.13%
Dogecoin
$ 0.067565 7.14%
ApeCoin
$ 5.02 1.46%
Bitcoin
$ 20,298.00 3.00%
BNB
$ 232.75 0.65%

Ethereum price analysis: ETH tests further downside, break below $2,750 next?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD saw another drop yesterday.
  • Reaction higher seen overnight.

Ethereum price analysis is bearish today as we have seen another strong lower high and low set over the past days. Likely the current reaction higher will not hold for long, and ETH/USD will continue even lower soon.

Ethereum price analysis: ETH tests further downside, break below $2,750 next? 1
Cryptocurrency heat map. Source: Coin360

The market has moved in the red over the last 24 hours again. Leaders, Bitcoin and Ethereum, lost 3.62 and 4.45 percent, respectively. Meanwhile, Dogecoin (DOGE) is the worst performer among the major altcoins, with over a 10 percent decline.

Ethereum price movement in the last 24 hours: Ethereum tests further downside, reacts higher overnight

ETH/USD traded in a range of $2,786.25 – $2,911.88, indicating substantial volatility over the last 24 hours. Trading volume has increased by 15.23 percent, totaling $21.4 billion, while the total market cap trades around $343.62 billion, resulting in a dominance of 19.29 percent.

ETH/USD 4-hour chart: ETH looks to spike lower again?

On the 4-hour chart, we can see selling pressure returning over the last hours for the Ethereum price action, likely leading to more downside tested soon.

Ethereum price analysis: ETH tests further downside, break below $2,750 next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen more downside tested so far this week. After another lower high was set at $3,040 on the 26 April 2022, ETH/USD quickly began to decline.

A new low was set at $2,770 later in the day, indicating that bears are still in control. Overnight, reaction higher followed to $2,920, meaning that another strong lower local high is set.

Over the last hours, we have seen rejection for further upside. Likely the Ethereum price action will continue even lower and look to test further downside as not enough downside was reached previously.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen another lower local high set and more selling pressure over the last hours. Therefore, ETH/USD should soon continue declining towards the $2,750 next support.

While waiting for Ethereum to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

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.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records