Ethereum price analysis: ETH continues to decline, swiftly tests $1,050 minor support

Ethereum price analysis is bearish today as we have seen a strong decline over the last 24 hours and a clean break past the $1,100 support. Therefore, ETH/USD is likely headed even lower and will look to break the $1,050 next minor support level.

The market has traded in the red over the last 24 hours as the global selloff continued. The leader, Bitcoin, lost 4.26 percent, while Ethereum over 7 percent. Meanwhile, most of the top altcoins followed with similar results.

Ethereum price movement in the last 24 hours: Ethereum fails to find support

ETH/USD traded in a range of $1,056.05 to $1,155.00, indicating substantial volatility over the last 24 hours. Trading volume has increased by 7.11 percent, totaling $12.32 billion, while the total market cap trades at around $128.93 billion, resulting in a dominance of 14.73 percent.

ETH/USD 4-hour chart: ETH looks to break $1,050?

On the 4-hour chart, we can see strong selling pressure over the past hours lead the Ethereum price to the $1,050 mark. However, as a clear reaction higher is yet to be seen, we assume that more selling will take place soon.

Ethereum price action saw a strong swing high set last week at the $1,275 mark. ETH/USD quickly reversed from there and started to push lower after a brief consolidation above $1,200.

After a strong break below $1,175 support, ETH quickly declined during the middle of Yesterday. By the end of the day, another strong spike lower resulted in a clear break past the $1,100 support, eventually leading to the $1,050 mark.

Therefore, if a clear reaction higher does not follow by the end of the day, we expect the Ethereum price to continue even lower. Likely the $1,000 support will be reached next, meaning that the previous swing low will be retested.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as a strong selloff has continued over the last 24 hours. Likely the $1,050 local minor support will soon break, opening the way towards the $1,000 major swing low.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.