Ethereum price analysis: ETH breaks lower, drops to $2,700 next support 

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD saw further decline yesterday.
• Support at $2,700 currently tested.

Ethereum price analysis is bearish today as more downside has been reached over the last 24 hours. ETH/USD currently tests the $2,700 mark, which if broken, should lead to a lot more downside over the next 24 hours.

The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, has lost 1.17, while Ethereum lost a more substantial 5.61 percent. 

Ethereum price movement in the last 24 hours: Ethereum drops past $2,850 major support, tests $2,700

ETH/USD traded in a range of $2,707.38 – $2,858.66, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 8.04 percent, totaling $15.17 billion. Meanwhile, the total market cap trades around $326.5 billion, resulting in a dominance of 18.15 percent.

ETH/USD 4-hour chart: ETH tests $2,700

On the 4-hour chart, we can see the Ethereum price currently testing the $2,700 next support, with some signs of support seen as of now.

Ethereum price action has seen a strong advance this month as a new major swing high was set just under $3,300. The following retracement set a higher low at $2,850 last week, indicating further upside will follow.

However, ETH/USD could not move past the $3,200 mark, meaning a lower high was set. From there, bears took over on the 17th of February, pushing the market back towards its previous low.

Yesterday, the $2,850 previous low was broken in a clear way, further confirming a change in the overall trend direction. Today, more downside at the $2,700 next support was reached, with good potential for more downside to come.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen further downside tested over the last 24 hours, leading to the $2,700 mark. Likely ETH/USD will consolidate for some time before more downside is tested later in the weekend.

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.