ethereum Price analysis shows a very bearish trend today after prices fell by more than 5%.The market was very volatile today. It started trading inside a range before dropping from $1279 to $1184. Ethereum is currently trading around $1195 and if the bears can firmly dominate the market, he could retest $1100 in the next 24 hours.
The crypto heap map shows the state of the market today. Ethereum is showing up in a darker red along with some altcoins suggesting the market for these coins is very bearish today, although Ethereum has lost about 5% of its price , Bitcoin fell his 2.74%.
1 day ethereum price Our analysis shows that ETH/USD has a major support set near $1080. This support has been tested many times. Therefore, it is unlikely that Ethereum will break below this value despite the bearish market conditions. However, it is certainly possible to test within his next 24 hours.
Ethereum price movement 24 hours
Ethereum set a 24-hour high at $1,279 before falling to a 24-hour low of $1,184 within nine hours. This was followed by a brief reversal, but unfortunately Ethereum did not get back far enough and the bears took over again.
Currently, the 24-hour RSI is at 29, suggesting that the market is significantly oversold at the moment. On a shorter timeframe, Ethereum may start gaining positive momentum and retrace.
Overall, Ethereum’s market cap decreased by 5.34%, while trading volume increased by 34.56%. Therefore, the 24-hour volume-to-market capitalization ratio is set at 0.0554.
4 Hours of Ethereum Price Analysis: Could ETH/USD Fall Below $1100 Again?
If the bull market doesn’t arrive in time, the market could certainly rise to $1100. However, Ethereum has a large support set around this mark, so the bears have to go all out. After all, this support has been tested and confirmed many times. However, as always, the cryptocurrency market can be uncertain and even the worst-case scenarios can become a reality.
The RSI on the 4-hour chart shows a very negative image of the market. Ethereum price analysis is currently significantly oversold and the MACD indicator also shows the bears have a very strong hold in the market.
Ethereum Price Analysis: Conclusion
Unfortunately, the current scenario doesn’t say much positive things about the market. Ethereum may fall and retest the major support near $1100 or find new support for a short reversal. Market uncertainty is high at the moment. So it’s not a good time to invest for short-term gains. However, if you are a long-term investor, read on for more information. ethereum price prediction.