Ethereum price analysis is bearish today as we have seen a clear reversal benign formed over the last 24 hours. Since then, ETH/USD has returned below $1,900 mark, opening the way for a lot more downside.
The market has seen bearish momentum continue over the last 24 hours. The leader, Bitcoin, lost 2.86 percent, while Ethereum 3,55 percent. Meanwhile, the rest of the top altcoins declined even further.
Ethereum price movement in the last 24 hours: Ethereum continued to decline
ETH/USD traded in a range of $1,890.36 to $1,992.66, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 7.66 percent, totaling $18.2 billion, while the total market cap trades around $228.7 billion, resulting in a dominance of 17.96 percent.
ETH/USD 4-hour chart: ETH on its way to $1,700?
On the 4-hour chart, we can see strong selling pressure again, likely leading to the previous low over the next 24 hours.
Ethereum price action has seen increased volatility over the past days. After a swift drop to $1,700, ETH/USD quickly retraced most of the loss by the end of Monday.
From there, slight consolidation and reaction lower followed yesterday. Overnight, sideways action continued as the market was in indecision.
However, ultimately, Ethereum managed to break even lower with a quick spike over the second half of the day. ETH/USD should see further selling pressure over the rest of the day, with the potential to see the $1,700 support and swing low tested soon.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong decline since morning and a break below the $1,900 support. Therefore, ETH/USD should continue even lower towards the previous low at $1,700.
While waiting for Ethereum to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.