Ethereum Price Analysis: ETH Starts Decline, Targeting Next Support at $2,750?

TL;DR breakdown

• Ethereum price analysis is down today.
• ETH/USD hit a high of $3,040 yesterday.
• Selling pressure seen overnight.

Ethereum price analysis is bearish today as we have seen sellers return to the market after setting and retesting a strong higher high at $3,040 earlier this week. Hence, ETH/USD is now moving to retrace some of the gains and establish another higher low.

The market has traded in the red for the last 24 hours. The top performers Bitcoin and Ethereum are down 3.59 and 4.3 percent respectively. Solana and Avalanche are the worst performers, down 6 and 7.2 percent, respectively.

Ethereum price movement in the last 24 hours: Ethereum starts tracing

ETH/USD was trading in a range of $2,847.93 – $2,978.35, showing slight volatility in the last 24 hours. Trading volume is down 32.88 percent to a total of $12.4 billion, while the total market cap stands at around $341.7 billion, resulting in a dominance of 18.08 percent.

ETH/USD 4-hour chart: ETH targeting $2,750 next?

Looking at the 4-hour chart, we can see that Ethereum price has been falling rapidly in the last few hours, which is likely to result in a strong retracement by the end of the day.

Ethereum price action has seen strong signs of a major trend reversal over the past week. After the initial higher high at $2,850, a clear higher low at $2,600 confirmed the reversal on February 28th.

From there, ETH/USD quickly surged over 15 percent to $3,040, further suggesting that strong bullish momentum is building. After another retest of the upside, the bears finally picked up steam yesterday and slowly led the market lower.

Another downtrend was struck overnight, leading to the current push lower below the previous $2,850 resistance level. We are likely to see Ethereum price fall even more over the next few days, with the first apparent support level standing at $2,750.

However, once another higher low is set, we expect ETH/USD to continue higher towards the next major resistance area at $3,200-3,300. If this resistance can be broken, the market should see much more upside over the next several months.

Ethereum Price Analysis: Conclusion

Ethereum price analysis is bearish today as we saw the sell off begin after making a strong higher high in the past few days. ETH/USD is likely to move to make another higher low, with the next support level at $2,750.

While you wait for Ethereum to keep moving, read our articles on buying land in Metaverse, closing a Coinbase account, and transferring crypto from Coinbase to Robinhood.