Ethereum price analysis: ETH swiftly retraces to $3,080, ready for more downside?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• Support was found at $2,960 yesterday.
• Strong spike to $3,080 is over the last hours.

Ethereum price analysis is bearish today as we have seen quick retracement to $3,080 previous support was met with strong rejection. Therefore, we expect ETH/USD to continue even lower and move towards breaching $2,950 next.

The market has moved with mixed results over the last 24 hours. Bitcoin managed to stay in the red with over 2 percent loss, while Ethereum remained flat as the previous loss was regained during the day. The rest of the market saw similarly mixed results.

Ethereum price movement in the last 24 hours: Ethereum retraces to $3,080, upside gets rejected

ETH/USD traded in a range of $2,957.87 – $3,077.45, indicating substantial volatility over the last 24 hours. Trading volume has increased by 21.63 percent, while the total market cap trades around $364.3 billion, indicating market dominance of 19.57 percent.

ETH/USD 4-hour chart: ETH ready to continue lower?

On the 4-hour chart, we can see the Ethereum price action swiftly rejecting further upside over the last hours, indicating that more downside will be tested soon.

Ethereum price action saw consolidation formed over the weekend as a result of a strong drop earlier last week. Support was found around $3,200, while resistance at $3,300.

Recovery did not follow as another strong push lower began overnight to Monday. ETH/USD broke past the $3,080 previous support without much hesitation, eventually leading to a new low at $2,950.

Since then, a quick retracement to retest the $3,080 mark was seen with rejection over the past hours. Therefore, we expect the Ethereum price action to test even further downside soon as the overall momentum remains very bearish for the past week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish as we have seen strong rejection for upside at the $3,080 after a quick retracement overnight. Likely ETH/USD will move to break past the $2,950 support and drop even further over the next 24 hours.

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