Ethereum price analysis is bearish today as we have seen another clear lower high set and rejection for further upside at the $2,850 resistance. Therefore, ETH/USD is likely ready to drop even lower and break past the previous low later this week.
The market has seen more bullish momentum over the last 24 hours. The leader, Bitcoin, gained 2.37 percent, while Ethereum 2.42 percent. Meanwhile, Terra (LUNA) is the top performer, with over 5.5 percent gain.
Ethereum price movement in the last 24 hours: Ethereum sets another lower high
ETH/USD traded in a range of $2,760.84 – $2,868.32, indicating substantial volatility over the last 24 hours. Trading volume has increased by 19.45 percent, totaling $18.1 billion, while the total market cap trades around $342.3 billion, resulting in a dominance of 19.61 percent.
ETH/USD 4-hour chart: ETH ready to decline further?
On the 4-hour chart, we can see the Ethereum price retesting previous high, indicating that more downside should soon follow.
Ethereum price action has seen further downside tested over the last week. A new low was reached at $2,725 on Saturday, indicating that the overall several-week bearish trend is still strong.
Yesterday, steady retracement pushed ETH towards the previous support area around $2,850. From there, rejection followed, indicating that more downside is to come over the next days.
The first target is the $2,725 current low, while the next support is as far as the $2,675 mark. Therefore, we expect another drop of around 5 percent over the next days.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another lower high set at $2,850 and a reaction lower earlier. Therefore, ETH/USD is likely ready to drop further and break past the current low at $2,725.