42.8 C
Monday, May 20, 2024
HomeMarketsPrice AnalysisEthereum price analysis: ETH swiftly drops further, reacts at $2,640 

Ethereum price analysis: ETH swiftly drops further, reacts at $2,640 


Ethereum price analysis is bearish today as we have seen more downside tested over the last 24 hours. ETH/USD has reached the $2,040 mark, from which reversal could soon happen.

Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by almost 10 percent, while Ethereum followed with a 9.56 percent decline. Meanwhile, the rest of the top altcoins followed close by.

Ethereum price movement in the last 24 hours: Ethereum fails to retrace, tests further downside

ETH/USD traded in a range of $2,662.58 – $2,898.83, indicating substantial volatility over the last 24 hours. Trading volume has increased by 63.18 percent, totaling $27.2 billion, while the total market cap trades around $321.29 billion, resulting in a dominance of 19.48 percent.

ETH/USD 4-hour chart: ETH rejects downside again

On the 4-hour chart, we can see a rejection candle forming at the $2,650, indicating reversal will soon follow.

Ethereum price analysis: ETH swiftly drops further, reacts at $2,640
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen more downside over the last days as the market peaked at the $2,950 and retested previous major resistance. Since a major higher high was not set, ETH/USD quickly pivoted and declined by over 9 percent to the $2,700.

From there, a slight reaction higher followed latte yesterday, leading to some consolidation overnight. However, retracement did not follow, sending ETH for another drop.

This time, the next support at $2,650 was tested, setting an even stronger lower low for the medium-term trend. Since then, Ethereum price has seen a slight reaction higher, indicating that retracement could finally come over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a strong drop met with rejection at the $1,650 mark. Therefore, we expect a retracement to retest previous support levels as resistance over the next days.

While waiting for Ethereum to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

➜ Source


Most Popular

Recent Comments