Ethereum price analysis is bearish today as we have seen strong resistance at the previous high and a swift decline over the past hours. Therefore, selling will likely continue overnight as bears look to retest the $1,275 support.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.56 percent, while Ethereum lost 1.61 percent. Meanwhile, the rest of the market has traded with similar selling pressure.
Ethereum price movement in the last 24 hours: Ethereum sets double top
ETH/USD traded in a range of $1,309.19 to $1,339.09, indicating moderate volatility over the last 24 hours. Trading volume has declined by 6.31 percent, totaling $9.45 billion, while the total market dominance traded at $17.27 percent.
ETH/USD 4-hour chart: ETH targets $1,300 next?
On the 4-hour chart, we can see strong selling pressure over the past hours, likely leading back to $1,275 support over the next 24 hours.
Ethereum price action saw a strong wave lower last week, leading to a strong lower swing low set at $1,200. ETH/USD quickly retraced below the $1,350 mark and started to decline lower again.
However, the $1,275 support prevented further downside, leading to another bounce higher over the past few days. Since then, the previous local high at $1,350 was retested, indicating a double top reversal.
Overall, we expect Dogecoin price action to continue declining over the next 24 hours. Likely the $1,300 support will soon be broken, after which we expect either another higher low to be set or further break below $1,275 support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen double top formed and selling return over the second half of today. Therefore, we expect further selling over the next 24 hours, likely leading to test of the $1,250 support.