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Ethereum price analysis: ETH slowly continues below $1,600, further selling overnight?

Ethereum Price analysis 2022 11 02

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD continued to decline yesterday.
  • Signs of reversal are still not present.

Ethereum price analysis is bearish today as we have seen steady lower highs set with steady momentum. Therefore, we expect ETH/USD to continue declining over the next 24 hours and look to test the $1,500 support.

Ethereum price analysis: ETH slowly continues below $1,600, further selling overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, gained just 0.17 percent, while Ethereum lost 0.61 percent. Meanwhile, Dogecoin finally reversed and lost almost 6 percent.

Ethereum price movement in the last 24 hours: Ethereum moved back below $1,600

ETH/USD traded in a range of $1,544.08 to $1,595.51, indicating mild volatility over the last 24 hours. Trading volume has declined by 17.25 percent, totaling $13.47 billion, while the total market cap traded around $190.78 billion, resulting in a dominance of 18.96 percent.

ETH/USD 4-hour chart: ETH tests $1,550

On the 4-hour chart, we can see another slight move lower over the past hours, likely leading to further selling overnight.

Ethereum price analysis: ETH continues steady retrace, further selling overnight?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong swing high set over the past days. After a massive rally from the $1,200 major swing low, ETH/USD managed to gain as much as 40 percent during the second half of October.

From there, steady retrace began, slowly attempting to retrace back below $1,600 previous local resistance turned support. Selling continued yesterday, leading to lower local highs set along the way.

Overall, Ethereum price action should continue even lower over the next days as no signs of a slowdown are seen. ETH/USD will likely target the $1,500 support, which, if broken, would open up the way for a lot more downside.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen further selling over the past days with no signs of reversal. ETH/USD should continue even lower over the next days, leading toward the $1,500 support.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve 

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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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