Ethereum price analysis is bearish today as we have seen lower high set below $1,350 and a continuous decline over the last 24 hours. Therefore, ETH/USD is ready to slide even lower and attempt to break past the $1,275 support.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.86 percent, while Ethereum 1.27 percent. Meanwhile, the rest of the market followed close by.
Ethereum price movement in the last 24 hours: Ethereum retraces to $1,275
ETH/USD traded in a range of $1,280.18 to $1,307.82, indicating mild volatility over the last 24 hours. Trading volume has declined by 49.66 percent, totaling $7.26 billion, while the total market cap traded around $158.2 billion, resulting in a market dominance of 17.25 percent.
ETH/USD 4-hour chart: ETH looks to continue even lower?
On the 4-hour chart, we can see constant selling throughout the day, likely meaning that Ethereum will decline even further overnight.
Ethereum price action has traded with steady selling pressure over the past weeks. After previous low around $1,275 was broken, a massive spike lower was shortly seen towards the $1,200 support.
Shortly after a massive reaction higher resulted in a move back above previous local highs until resistance was found again at $1,350. From there, selling pressure swiftly returned, slowly leading back below $1,275 support.
Considering that Ethereum price is yet to show signs of bullish rejection, we expect further decline to follow overnight. Likely ETH/USD will drop even lower and swiftly drop as low as the $1,250 support.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen steady decline over the last 24 hours without no signs of reversal. Therefore, we expect ETH/USD to drop even lower and target the $1,250 mark later in the weekend.