Ethereum price analysis is bearish today as we have seen a strong decline lower over the past 24 hours, leading to the next support at $1,400. ETH/USD has already broken past it with low momentum, indicating that a strong push lower could happen again overnight.
The market traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.17 percent, while Ethereum declined by over 8.5 percent and was among the worst performers of the day. Meanwhile, the rest of the top altcoins traded between the two majors.
Ethereum price movement in the last 24 hours: Ethereum drops another 7 percent
ETH/USD traded in a range of $1,380.97 to $1,531.00, indicating substantial volatility. Trading volume has increased by 5.34 percent, while the total market cap trades around 8.72 percent, resulting in market dominance of 17.66 percent.
ETH/USD 4-hour chart: ETH looks to drop further?
On the 4-hour chart, we can see the $1,400 support already broken, indicating that another slide lower could follow up overnight.
Ethereum price action has struggled to reach further upside over the weekend. After the last test of upside and a quick spike to $1,664 on Sunday, further upside was rejected, leading back to the previous consolidation area at $1,500.
From there, ETH/USD has seen another strong push lower to the $1,400 mark, indicating that a strong lower low is set, and we expect more downside to follow over the next 24 hours.
The next target to the downside is the $1,250 support. Once it is reached, we could see the Ethereum price move into another reversal as sellers will be exhausted once more.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish as we expect further decline below the $1,400 support after a slight push lower over the past hours. Therefore, we expect ETH/USD to target the next support at $1,250 over the next few days.