Ethereum Price Analysis: ETH finds drops another 10 percent, finds support at $3,100
Ethereum price analysis is bullish today as we expect further recovery after a sharp drop yesterday took the market to $3,100. Likely bears are finally exhausted, and ETH/USD is now ready to retrace.
Cryptocurrency heat map. Source: Coin360
The market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 1.13 and 1.1 percent, respectively. The rest of the top altcoins follow with a similar slight loss.
Ethereum price movement in the last 24 hours: Ethereum reacts higher at $3,100
ETH/USD traded in a range of $3,117.38 – $3,252.15, indicating substantial volatility. Trading volume declined by 24.57 percent, totaling $17.38 billion, while the total market cap trades around $383 billion, resulting in a market dominance of 19.27 percent.
ETH/USD 4-hour chart: ETH looks to recover?
On the 4-hour chart, we can see the Ethereum price reacting to $3,200 today as sellers cannot sustain further downside.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price saw slow retracement from the previous drop at the beginning of the week. After reaching $3,900, bulls failed to push the market any higher on the 5th of January.
From there, ETH/USD saw another drop of 13 percent to the $3,300 mark. After a slight pause, more downside was reached early yesterday at $3,100.
Likely Ethereum price action has seen enough decline over the past days, and bears are finally exhausted. This market development should lead ETH/USD to retrace over the next few days. However, the overall momentum is still heavily bearish.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as the $3,100 support should hold the market for now. Therefore, we expect more recovery for ETH/USD over the next days.
While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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