ethereum Today’s price analysis is bearish, falling further overnight and testing the $1,300 support. With the mark already broken, we expect ETH/USD to continue falling overnight and early next week he will test $1,250.
The market has been trading in the red for the last 24 hours. Bitcoin fell 0.61% while Ethereum fell 2.29%. Meanwhile, the rest of the market is following similar modest selling pressure.
Ethereum Price Action Over the Last 24 Hours: Ethereum Slowly Falls
ETH/USD is trading between $1,289.62 and $1,328.11, indicating moderate volatility over the past 24 hours. The trading volume fell by 38.63% to a total of $6.82 billion, but the market capitalization traded around $158.73 billion, giving it a 17.1% market advantage.
ETH/USD 4-Hour Chart: Is ETH Targeting $1,250 Next?
Looking at the 4 hour chart, ethereum price It is trying to break out of the $1,300 support as the selling pressure has not abated yet.
Ethereum price action has been trading flat for the past few days after breaking the $1,350 resistance. set in dollars.
All in all, this means that a break above or below the area is needed before setting a clear trend direction for the rest of the month. Reversed ETH againleading to a steady decline over the past few days.
Ethereum price has already crossed the $1,300 support, so we expect further declines to follow soon. ETH/USD is likely to target the $1,250 support aggressively early next week and if it breaks, it will pave the way for more falls later in October.
Ethereum Price Analysis: Conclusion
ethereum price analysis The $1,300 support has been positively tested after a significant drop from the $1,350 resistance over the past 24 hours, making it bearish today. Therefore, ETH/USD should drop further overnight and move towards $1,250.