Ethereum price analysis is bearish today.ETH/USD continues to test $3,400 local support.Several lower highs set overnight.
Ethereum price analysis is bearish today as further lower highs were set over the last 24 hours while the $3,400 local support still holds. Therefore, we expect ETH/USD to break lower over the next 24 hours as bearish momentum continues to build up.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 4.42 and 0.18 percent. Meanwhile, Binance Coin (BNB) is the top performer, with a gain of 14 percent.
Ethereum price movement in the last 24 hours: Ethereum continues building up momentum above $3,400
ETH/USD traded in a range of $3,407.34 – $3,541.82, indicating low volatility over the last 24 hours. Trading volume has increased by 0.85 percent and totals $16.85 billion, while the total market cap trades around $406.7 billion, resulting in the market dominance of 17.87 percent.
ETH/USD 4-hour chart: ETH to break $3,400 today?
On the 4-hour chart, we can see bearish momentum building up for Ethereum price action as increasingly lower local highs are set.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw strong bullish momentum during the first days of October. From the previous major swing low of $2,750 to the current swing high of $3,650, ETH/USD gained more than 30 percent.
What followed was a slow reversal over the past week. Ethereum slowly set lower highs and lows, with the $3,400 mark tested on Monday. Therefore, ETH/USD currently trades in an increasingly tighter range, indicating a bearish breakout later this week.
Once Ethereum price breaks $3,400, we expect a lot more downside to follow this week as the next support is located at the $3,150 previous major resistance. Around this support, we could see ETH/USD establish a higher major swing low and reverse to the upside again.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as bears continued to set increasingly lower highs over the last 24 hours, while the $3,400 support still holds. Therefore, we expect ETH/USD to break lower later today eventually and head towards the $3,150 next major support level later this week.
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