Ethereum price analysis: ETH sets lower high at $3,560, ready to drop further?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD has seen a lower high set at $3,560 this morning.
• ETH is starting to decline again over the last hours.

Ethereum price analysis is bearish today as we have seen a lower local high set at $3,560 and a quick spike shortly after. Therefore, we expect ETH/USD to drop even further and break past the $3,400 support over the next 24 hours.

The market has seen slightly bullish trading over the last 24 hours. The leader, Bitcoin, gained 0.15 percent, while Ethereum gained 0.64 percent. Meanwhile, Dogecoin (DOGE) has spiked by over 11 percent, and is the top performer of the day.

Ethereum price movement in the last 24 hours: Ethereum rebounds from $3,400, sets lower local high

ETH/USD traded in a range of $3,422.00 – $3,546.71, indicating substantial volatility over the last 24 hours. Trading volume has increased by 2.33 percent, totaling $17.76 billion, while the total market cap trades at $415.86 billion, resulting in a dominance of 19.53 percent.

ETH/USD 4-hour chart: ETH ready to spike below $3,400

On the 4-hour chart, we can see the Ethereum price currently declining,m likely leading to a push below $3,400 local support.

Ethereum price action has seen further upside tested at the end of the weekend as another spike higher took the market to just below $3,600. However, the strong rejection lower immediately after did result in a retest of $3,400 support.

From there, ETH/USD attempted to rally once more, only to end up setting a lower high. Selling pressure was seen shortly after, indicating that another drop was coming soon. 

Likely the next move for the Ethereum price action is to drop below $3,400 support. From there, we should see the next support at $3,300, likely to serve as a pivot point for the next leg up.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a lower high set at $3,560 this morning. Therefore, we expect ETH/USD to drop further and break past the $3,400 support.

While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.