Ethereum price analysis is bearish today as we have seen further decline overnight and support at $1,300 tested. Since the mark has already been breached, we expect ETH/USD to continue lower overnight and look to test the $1,250 early next week.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.61 percent, while Ethereum lost 2.29 percent. Meanwhile, the rest of the market has followed with similar slight selling pressure.
Ethereum price movement in the last 24 hours: Ethereum slowly moved lower
ETH/USD traded in a range of $1,289.62 to $1,328.11, indicating mild volatility over the last 24 hours. Trading volume has declined by 38.63 percent, totaling $6.82 billion, while the total market cap trades around $158.73 billion, resulting in market dominance of 17.1 percent.
ETH/USD 4-hour chart: ETH targets $1,250 next?
On the 4-hour chart, we can see Ethereum price action looking to break away from the $1,300 support as selling pressure is yet to diminish.
Ethereum price action has traded sideways for the past days below the $1,350 resistance. After previously, ETH/USD failed to break both higher and lower, the current trading range was set from $1,250 to $1,400.
Overall, this means that either a break above or below the area is needed before a clear trend direction can be set for the rest of the month. Currently, the $1,350 resistance has reversed ETH again, leading to a steady decline over the past few days.
Since Ethereum price has already moved past the $1,300 support, we expect further downside to follow soon. Likely ETH/USD will actively target the $1,250 support early next week, which, if broken, would open up the way for a lot more downside later in October.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a substantial decline from the $1,350 resistance over the last 24 hours and the $1,300 support actively tested. Therefore, ETH/USD should drop even lower overnight and look to move towards $1,250.