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Ethereum price analysis: ETH fails to break $1,275, another attempt overnight?

Ethereum Price analysis 2022 10 16

Ethereum price analysis is bearish today as we have seen a strong decline over the past days, and support was found at $1,275. From there, ETH/USD made a slight reaction higher, likely indicating that another attempt to break even lower will follow.

Ethereum price analysis: ETH fails to break $1,275, another attempt overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.09 percent, while Ethereum 0.33 percent. The rest of the market followed close by.

Ethereum price movement in the last 24 hours: Ethereum continued to test $1,275

ETH/USD traded in a range of $1,268.47 to $1,288.71, indicating slight volatility over the last 24 hours. Trading volume has declined by 30.73 percent, totaling $5.97 billion, while the total market cap traded around $157.2 billion, resulting in market dominance of 17.15 percent.

ETH/USD 4-hour chart: ETH ready to continue lower?

On the 4-hour chart, we can see a slight higher reaction and consolidation over the past hours, likely leading to a lower spike later today.

Ethereum price analysis: ETH fails to break $1,275, another attempt overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action continued to decline earlier this week, with ever-increasing momentum. After breaking past the $1,275 support, ETH/USD spiked as low as the $1,200 support, where a massive reaction higher followed.

From there, ETH swiftly moved higher, retracing over 12 percent to the $1,350 resistance. Therefore, a strong lower high was set, indicating that further downside will soon follow.

Since then, Ethereum price action has declined with steady momentum, leading back to the $1,275 support. Earlier today, a slight reaction higher was seen with low momentum, indicating that further downside will be tested over the next 24 hours. 

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a steady decline over the past 24 hours and a slight reaction at the $1,275 support. Therefore, we expect ETH/USD to continue even lower overnight and look to target the $1,250 support next.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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.

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