Ethereum price analysis is bearish today as we have seen the $2,750 support not hold overnight, leading to further downside tested. However, a new higher low should be set soon as the $2,600 previous local low is close by.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red overall since yesterday. The market leader, Bitcoin, has lost 5.79 percent, while Ethereum declined by 6.62 percent. Meanwhile, most of the top altcoins follow with similar bearish results.
Ethereum price movement in the last 24 hours: Ethereum continues to retrace, approaches the previous low
ETH/USD traded in a range of $2,680.50 – $2,845.42, indicating a substantial amount of volatility over the last 24 hours. Trading volume has increased by 16.3 percent, totaling $14.8 billion, while the total market cap trades around $324.15 billion, resulting in a dominance of 17.92 percent.
ETH/USD 4-hour chart: ETH looks to set another higher low
On the 4-hour chart, we can see the Ethereum price action approaching the previous low, likely meaning we will see a reversal soon.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has shown signs of strength over the week. After a strong higher low was set at $2,600 on the 28th of February, ETH/USD quickly gained almost 19 percent to the $3,040 mark.
Therefore, a strong higher high was set, indicating a very bullish market structure. After the massive rally, bulls were finally exhausted on the 2nd of March, leading to a slow reversal early yesterday.
Strong push lower followed later in the day, leading to $2,800 at first and below $2,750 overnight. Since then, the $2,750 mark was briefly retested as resistance before another push lower began over the last hours.
Overall, bears should be exhausted by now, and we expect reversal back to the upside to follow over the weekend. In the case that the $2,600 previous support gets broken, we could see the current bullish market structure to be invalidated.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we expect more downside to be tested over the next hours. However, since the previous low is close, we should see a reversal soon if the market aims to continue the current bullish trend.
While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.
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