Ethereum Price Analysis: ETH breaks $3,100, set to continue lower?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD set another local lower high.
• Selling pressure is still strong. 

Ethereum price analysis is bearish today as the upside was rejected yesterday, leading to a break below $3,100 overnight. Therefore, we expect ETH/USD to continue lower over the next 24 hours.

The market has seen mixed results over the last 24 hours. The leader, Bitcoin, gained 1.82 percent, while Ethereum followed with a 0.76 percent increase. Meanwhile, Terra (LUNA) is the top performer, with over 5 percent gain.

Ethereum price movement in the last 24 hours: Ethereum continued to retrace

ETH/USD traded in a range of $3,055.21 – $3,185.83, indicating mild volatility over the last 24 hours. Trading volume has increased by 4.9 percent, totaling $14 billion, while the total market cap trades around $375.8 billion, resulting in a market dominance of 18.79 percent.

ETH/USD 4-hour chart: ETH pauses before more downside?

On the 4-hour chart, we can see the Ethereum price breaching $3,100 before slightly moving higher, likely to set another local lower high.

Ethereum price action has seen steady decline over the past days. Last week a strong swing high was set at $3,400, indicating potential reversal forming. However, not much upside followed as ETH/USD was resisted by the $3,400 mark again on the 16th of January.

Since then, the market has slowly declined, breaching the previous local low at $3,200. Yesterday, the selloff continued, reaching the $3,100 mark before retesting the $3,200 mark as resistance.

Overnight, bears pushed the market below $3,100, leading to a slight recovery today. Likely the Ethereum price action will pivot soon and continue to push even lower over the next 24 hours.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as we expect more downside to follow after another rejection of upside. Likely ETH/USD will move below the $3,100 support again and continue even lower.

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