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Ethereum Price Analysis: ETH moves below $2,950 again, further downside to follow?

  • Ethereum price analysis is bearish today.
  • ETH/USD saw further decline overnight.
  • ETH targets the $2,750 support again.

Ethereum price analysis is bearish for today as the market continued to decline after the $3,150 previous resistance was retested. Therefore, we expect ETH/USD to drop lower later today and head towards another retest of the $2,750 support.

Ethereum Price Analysis: ETH moves below $2,950 again, further downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bearish momentum over the last 24 hours, with the market leader, Bitcoin, down by 4.74 percent. Meanwhile, the top altcoin, Ethereum, is down 6.65 percent, with the rest of the top altcoins following.

Ethereum price movement in the last 24 hours: Ethereum retraces below $2,950 again

ETH/USD traded in a range of $2,881.51 – $3,123.49, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.88 percent and totals $17.51 billion, while the total market cap trades around $341.34 billion, resulting in market dominance of 18.29 percent.

ETH/USD 4-hour chart: ETH set to drop further?

On the 4-hour chart, we can see the Ethereum price action declining as bears look to retest the $2,750 support again.

Ethereum Price Analysis: ETH moves below $2,950 again, further downside to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action continued to trade in a bearish momentum over the past weeks. After rallying to the $3,650 and setting a clear swing lower high on the 16th of September, reversal followed.

This time, ETH/USD dropped more than 25 percent as it briefly spiked below $2,750. From there, ETH saw a reaction higher, with the previous major support of $3,150 retested as resistance. 

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Later last week, another spike to the $2,750 support followed, with some consolidation over the following days. Yesterday, the Ethereum price action rallied and retested the $3,150 resistance for the second time. However, bulls could not push higher, resulting in another slow retracement. 

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish for today as another decline was seen over the last 24 hours after a test of $3,150 previous high. Therefore, we expect ETH/USD to drop further and move towards $2,750 previous low.

While waiting for Ethereum to move further, read our guides on NFT Games, CoinJar, as well as Exodus wallet review.

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