Ethereum price analysis is bearish today as we expect further downside to follow after a strong drop and reaction higher over the last 24 hours. Likely ETH/USD will soon continue even lower as the sentiment is strongly bearish.
The market has traded in the red over the last 24 hours despite recovery earlier today. The leader, Bitcoin, has lost 4.74 percent, while Ethereum 2.36 percent. The rest of the top altcoins performed with an even more substantial loss.
Ethereum price movement in the last 24 hours: Ethereum sets another lower high
ETH/USD traded in a range of $2,206.76 – $2,450.76, indicating substantial volatility over the last 24 hours. Trading volume has increased by 72.69 percent, totaling $45.97 billion, while the total market cap trades around $283.6 billion, resulting in market dominance of 19.75 percent.
ETH/USD 4-hour chart: ETH ready to drop again?
On the 4-hour chart, we can see selling pressure returning over the last hours, likely as Ethereum sellers are ready to push the market even lower.
Reaction higher followed overnight as sellers were exhausted, leading to as high as the $2,450 mark. However, after the second test of upside over the last hours, ETH/USD got rejected lower.
Overall, the current Ethereum price action development indicates that more downside will soon follow. Likely the next wave lower will target the $2,000 next major support, meaning a potential drop of another 15 percent.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong reversal from the $2,200 support lead to a quick retracement to $2,450, where further upside was rejected over the second half of the day. Therefore, ETH/USD should be ready to continue even lower past the $2,200 mark.