Ethereum Price Analysis: ETH briefly tests $3,000, more downside to follow?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD found further lows at $3,000.
• Slight reaction higher seen today.

Ethereum price analysis is bearish as we expect another push lower to follow the slight recovery seen today. Therefore, ETH/USD will likely move to test the $3,000 mark as the bearish momentum is still strong overall.

The cryptocurrency market has seen another selloff over the last 24 hours. Market leaders, Bitcoin and Ethereum, are down by 0.92 and 3.43 percent. Meanwhile, Binance Coin (BNB) and Cardano (ADA) are the worst performers, with a loss of 5 and 6.2 percent, respectively.

Ethereum price movement in the last 24 hours: Ethereum drops to $3,000, retraces above $3,100

ETH/USD traded in a range of $3,020.88 – $3,209.54, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 1.34 percent, totaling $16.35 billion, while the total market cap trades around $370.4 billion, resulting in a dominance of 10.02 percent.

ETH/USD 4-hour chart: ETH look to break even further?

On the 4-hour chart, we can see the Ethereum price action pivoting again after a slight reaction higher earlier, indicating more downside should be tested later today.

Ethereum price action saw recovery last week, leading to $3,900. However, heavy selling returned on Wednesday, leading to a quick spike below local lows.

Over the next days, ETH/USD had declined to $3,100, where bears gave up for a while, leading to a retracement to $3,250. Recovery did not last for long as another spike lower was seen yesterday, taking ETH to a new low at $3,000.

Overnight, another brief recovery was seen above $3,100. Not much upside has been seen since, likely leading bears taking over control again and looking to test further downside early next week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as the market has likely ended its slight recovery from the $3,000 mark. Selling pressure slowly returns as ETH/USD is now ready to test even further downside.

While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.