logo

Ethereum price analysis: ETH reacts to $2,450, ready to drop further?

Ethereum Price analysis 2022 05 10

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD saw a reaction from $2,200 support yesterday.
  • Local resistance was found at $2,450.

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.

Ethereum price analysis: ETH reacts to $2,450, ready to drop further? 1
Cryptocurrency heat map. Source: Coin360

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.

Ethereum price analysis: ETH reacts to $2,450, ready to drop further?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong decline over the past days. From the last major swing high at $2,950, ETH/USD has so far lost over 26 percent to the $2,200 mark.

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.

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.

[the_ad_placement id=”writers”]

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

AI tokens outperform BTC - What are they?
How To Flip NFTs And Maximize Your Profits
What are the Limitations of Blockchain?
Polkadot price analysis: DOT surges to $6.87 after a successful bullish run
Web3 goes to school in India: Algorand announces game-changing partnerships

Follow Us

Industry News

AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships
NYU takes the leap into the future of education with Web3 and NEAR
Nokia advances remote work via metaverse tech
Uniswap DAO Votes to Deploy V3 on Binance Smart Chain (BSC)

Add Your Heading Text Here