ethereum Today’s price analysis is bearish and has quickly retested previous resistances, which could set low highs soon. From there, ETH/USD can continue to drop further and drop towards the $1,100 support.
The market has been trading slightly bullish over the past 24 hours. Bitcoin, the leader, rose 0.48%, while Ethereum rose 1.6%. On the other hand, the rest of the market is trading with mixed results due to overall low volatility.
Ethereum Price Action Over the Last 24 Hours: Ethereum Prepares to Drop Below $1,200
ETH/USD is trading between $1,178.43 and $1,284.22, indicating moderate volatility over the past 24 hours. Transaction volume increased by 45.11% to a total of $14.25 billion. It also traded with a market capitalization of about $154.16 billion, giving it a market dominance of 18.34%.
ETH/USD 4-Hour Chart: ETH Continues Downtrend?
Looking at the 4 hour chart, ethereum price The action has peaked at the $1,275 resistance and may drop further over the next 24 hours.
Ethereum price action has traded flat for the past few days after the reaction from the $1,100 support peaked at $1,350. move sideways It is slowly making new lows above the $1,200 support.
An attempt to break below the $1,200 support failed yesterday and is believed to have set a higher low. However, the subsequent reaction ended at the $1,275 resistance, which has seen refusal over the past few hours.
As a result, the price of Ethereum is likely to continue falling and the $1,200 support could be breached in the next 24 hours. Once that is done, ETH/USD should target his $1,100 support.
Ethereum Price Analysis: Conclusion
ethereum price analysis We are bearish today as selling pressure has returned after local highs of $1,275 in the last few hours. Therefore, ETH/USD is likely to continue falling further later today, looking to retest the key support at $1,100 by the end of the week.