- Ethereum price analysis is bearish today.
- ETH/USD peaked at $3,040 yesterday.
- Selling pressure seen overnight.
Today’s Ethereum price analysis is negative, as sellers have returned to the market following a solid higher high achieved and retested earlier this week at $3,040. As a result, ETH/USD is now attempting to recoup some of its gains and record a new higher low.
Over the last 24 hours, the market has been in the red. Bitcoin and Ethereum, the market leaders, have shed 3.59 and 4.3 percent, respectively. Solana and Avalanche are the poorest performers, down 6.6% and 7.2%, respectively.
Price movement of Ethereum over the previous 24 hours: Ethereum begins to retrace
ETH/USD traded in a range of $2,847.93 – $2,978.35 over the last 24 hours, exhibiting moderate volatility. Trading volume has decreased by 32.88 percent to $12.4 billion, while the overall market capitalization is around $341.7 billion, implying an 18.08 percent market share.
ETH/USD 4-hour chart: Is $2,750 the next target for ETH?
On the 4-hour chart, we can see that the Ethereum price has been significantly declining over the last several hours, implying a strong reversal by the end of the day.
Over the last week, Ethereum’s price behavior has demonstrated significant signals of a major trend reversal. Following the initial higher high at $2,850, a clear higher low at $2,600 verified the 28th February reversal.
From then, ETH/USD soon climbed over 15% to the $3,040 level, suggesting the development of significant bullish momentum. After another attempt at the high yesterday, bears regained momentum, gradually driving the market lower.
Overnight, additional downside was achieved, resulting in the present push below the previous resistance level of $2,850. Ethereum’s price is likely to continue to fall in the coming days, with the first obvious support level to watch being $2,750.
However, once a new higher low is established, we predict ETH/USD to continue surging toward the next key resistance range between $3,200 and $3,300. If this resistance can be overcome, the market should see significant additional upside in the coming months.
Ethereum price analysis: Conclusion
Today’s Ethereum price analysis is negative, as we’ve witnessed a selloff commence following a solid higher high achieved in the previous days. ETH/USD is likely to make another higher low, with the nearest support level around $2,750.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.