Ethereum price analysis is bearish today as we have seen another strong spike lower and reaction higher to retest previous support as resistance. Therefore, ETH/USD should head lower later today and look to reach further downside.
The market has seen more selling over the last 24 hours. The leader, Bitcoin, lost 1.61 percent, while Ethereum lost 2.27 percent. The rest of the top altcoins performed even worse.
Ethereum price movement in the last 24 hours: Ethereum finds a new low at $2,720
ETH/USD traded in a range of $2,727.41 to $2,821.93, indicating a moderate amount of volatility over the last day. Trading volume has remained unchanged at $15.488 billion, while the total market cap has declined to $333.53 billion, resulting in a dominance of 19.49 percent.
ETH/USD 4-hour chart: ETH ready to continue lower?
On the 4-hour chart, we can see the Ethereum price starting to pivot again after retracement earlier today, meaning that more downside should follow early next week.
Ethereum price action has set a further lower high this week after failing to break below $2,775. From the $2,950 resistance, ETH/USD began another push lower on Friday, quickly leading to another test of the support.
After the initial reaction higher yesterday, another push lower began over the second half of the day. This time, the $2,775 was broken, and a new low was reached at $2,720 overnight.
Since then, Ethereum price has seen retests of previous support as a resistance. Selling pressure slowly has returned over the last hours, suggesting that the next week will start with further downside testing.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen further downside tested and reaction higher this morning. The $2,775 previous support now offers resistance, indicating that further downside should follow early next week.