Ethereum price analysis is bearish today as we have seen strong reversal and selling since midnight. Therefore, ETH/USD should continue even lower over the next 24 hours and look to move towards the $1,300 support.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.08 percent, while Ethereum 2.46 percent. The rest of the market followed close by with close results.
Ethereum price movement in the last 24 hours: Ethereum sets high at $1,370
ETH/USD traded in a range of $1,321.00 to $1,364.97, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.25, totaling $9.27 billion, while the total market cap traded around $162 billion, resulting in a dominance of 17 percent.
ETH/USD 4-hour chart: ETH targets $1,300 next?
On the 4-hour chart, we can see strong selling over the last hours, indicating that more selling will take place overnight towards the $1,300 support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has traded sideways over the past weeks as no clear trend could be established after a strong retrace in September. Currently, both slightly lower high and higher low is set at $1,370 and $1,265, respectively, which needs to be broken in clear before further movement can be made.
Yesterday, we saw the previous high retested after a strong rally, as the $1,350 mark was breached again. However, not a lot further upside followed, leading ETH/USD to reverse overnight.
Since then, Ethereum has declined even lower, likely as bears prepare to break the $1,300 mark back to the downside. Once that is done, ETH/USD should target the $1,250 support and look to break the several week consolidation.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen selling return overnight and a clear move back below $1,350 earlier. Therefore, further decline will soon continue, leading ETH/USD towards the $1,300 support.