Ethereum price analysis: ETH peaks below $3,200, begins another wave lower?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD found resistance at $3,200 yesterday.
• Selling pressure returned over the last hours.

Ethereum price analysis is bearish today as we have seen resistance at $3,200 establish a lower high. Over the last hours, ETH/USD has started to decline, likely leading to another major wave lower.

The market has seen selling pressure increase over the last 24 hours. The market leader, Bitcoin, lost 1.3 percent, while Ethereum 1,6 percent. Meanwhile, Avalanche (AVAX) is the top performer as it gained over 5 percent against the overall trend.

Ethereum price movement in the last 24 hours: Ethereum finds resistance at $3,200

ETH/USD traded in a range of $3,060.26 – $3,185.52, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 16.27 percent, totaling $12 billion. Meanwhile, the total market cap trades around $367.15 billion, resulting in a dominance of 18.73 percent.

ETH/USD 4-hour chart: ETH targets $2,800 next?

On the 4-hour chart, we can see the Ethereum price starting to decline, likely leading to further downside tested over the next 24 hours.

Ethereum price saw a strong major swing high set last week. After the final several-day push higher, a new high was reached at $3,300 on the 10th of February.

From there, ETH/USD rejected lower, posting a solid retracement to $2,850. Consolidation followed over the next days, eventually leading ETH back above the $2,950 resistance and signaling an upcoming push higher.

Early yesterday, the push higher began, leading to around 12 percent gain. Eventually, the Ethereum price action peaked at $3,200, meaning a clear lower high has been set when compared to the previous one at $3,300.

Therefore, the overall market structure has become bearish again. We expect ETH/USD to drop further over the next days and set another lower low to retrace even more of the sharp rally seen at the beginning of February.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a clear pivot below the $3,200 resistance over the last 24 hours. Likely ETH/USD is now ready to make another strong wave lower and test further support levels.

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.