- Ethereum price analysis is bearish today.
- ETH/USD saw a spike lower this morning.
- Support at $3,500 still holds.
Ethereum price analysis is bearish today as the market is exhausted after several days of upside earlier this week. Therefore, we expect ETH/USD to see further downside over the next 24 hours as bears look to retrace even more.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 1.35 percent, while Ethereum has lost 0.63 percent. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 12.77 percent.
Ethereum price movement in the last 24 hours: Ethereum spikes to $3,500 support
ETH/USD traded in a range of $3,492.57 – $3,628.24, indicating strong volatility over the last 24 hours. Trading volume has declined by 4.25 percent and totals $14.97 billion, while the total market cap trades around $422 billion, resulting in market dominance of 18.08 percent.
ETH/USD 4-hour chart: ETH to test further downside today?
On the 4-hour chart, we can see the Ethereum price setting lower local highs, indicating that we could see a much stronger retracement later today.
Ethereum price has seen strong bullish momentum so far in October. After breaking out of previous major resistance at $3,150, ETH/USD rallied to the $3,500 mark on the 1st of October.
What followed was a slight retracement and another a spike higher, this time to $3,650, where the current swing high is seen. Over the past days, ETH has moved sideways below the resistance, setting slightly lower highs.
Overall, the Ethereum price action indicates that bulls are exhausted. Likely we will see ETH/USD break below the $3,500 current support and retrace even more before any substantial upside can be seen again.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as selling pressure has increased over the last 24 hours, reflected in a quick spike to $3,500 support. Therefore, we expect ETH/USD to attempt another move to the downside later today.