Ethereum Price Analysis: ETH sets lower high at $3,200, set to drop again
Ethereum price analysis is bearish today as we saw a lower high set over the last 24 hours and selling pressure return. Therefore, we expect ETH/USD to decline further and potentially test the $2,950 support next.
Cryptocurrency heat map. Source: Coin360
The market has seen bearish momentum return over the last 24 hours. Market leaders, Bitcoin and Ethereum, are in the red with a loss of 1.02 and 1.13 percent. Meanwhile, Terra (LUNA) is the worst performer, with a loss of over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum sets lower high
ETH/USD traded in a range of $3,086.01 – $3,206.79, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 25.64 percent, totaling $12.3 billion. Meanwhile, the total market cap trades around $368.7 billion, resulting in a market dominance of 18.96 percent.
ETH/USD 4-hour chart: ETH starts to decline again
On the 4-hour chart, we can see the Ethereum price declining again as bearish momentum has returned.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw strong decline last week as the market broke lower on the 5th of January. Over the weekend, ETH/USD reached a new low at $3,000, meaning a total loss of over 20 percent in less than a week.
Yesterday, bulls retraced some of the previous loss, leading to a new lower high set at $3,200. Since then, selling pressure has slowly returned, leading back below the $3,100 mark today.
Likely the Ethereum price action will continue even lower as the next major support is located at $2,950. In case ETH/USD can set a higher low, we could see reversal form over the rest of the week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect more downside to be tested after a lower high was set at $3,200. Likely ETH/USD will look to test further lows, with the next support located at the $2,950 mark.
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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