Ethereum price analysis: ETH begins the selloff, tests $2,950 support

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD consolidated yesterday.
• Selling pressure returned overnight.

Ethereum price analysis is bearish today as we have seen the first push lower over the last hours after previously consolidating below $3,200. Therefore, we expect ETH/USD to drop further over the next 24 hours and break past the previous low above $2,800.

The market has begun to decline over the last 24 hours. The market leader, Bitcoin, lost 3.62 percent, while Ethereum 2.63 percent. The rest of the top altcoins have seen similar results.

Ethereum price movement in the last 24 hours: Ethereum retests $3,200, moves lower

ETH/USD traded in a range of $2,996.97 – $3,177.36, indicating mild volatility over the last 24 hours. Trading volume has increased by 32.3 percent, totaling $15.46 billion, while the total market cap trades around $358.5 billion, resulting in a market dominance of 18.73 percent.

ETH/USD 4-hour chart: ETH tests $2,950 next support

On the 4-hour chart, we can see the Ethereum price pushing lower over the past hours, currently looking to break the $2,950 previous resistance.

Ethereum price action has seen a strong advance during the first half of February. A new swing high was set just below $3,300, with reaction lower following immediately.

Over the next days, ETH/USD declined by 13 percent as it found support at $2,850. There, consolidation lasted for over 24 hours, indicating that the market is pivoting back to the upside.

Early on Monday, ETH finally broke higher, reaching the $3,200 mark next. Since then, bulls have not gained any further strength as the market set strong lower high.

Today, the Ethereum price slowly began to move lower once more. Over the past hours, ETH/USD has dropped to $2,950 next support. In case the current bearish momentum continues later in the day, we expect the previous low to be broken over the next 24 hours.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a strong push lower today, leading to the $2,950 previous resistance level. Therefore, ETH/USD will likely break even lower and look to test the previous local low around $2,850.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.