Today’s Ethereum price analysis is bearish for the next 24 hours as another gain was rejected earlier today and a new decline was made at $2,950. Therefore, we expect ETH/USD to continue to decline today and the next move to the USD 2,850 support.
The cryptocurrency 2021 market has been trading with mixed results over the past 24 hours. Market leaders Bitcoin and Ethereum fell 0.98 and 0.81, respectively. Cardano (ADA) is one of the best players with an advantage of almost 6%.
Ethereum price movement over the last 24 hours: Ethereum drops to $2,950 dukungan support
ETH/USD is trading at a range of $2,963.15 – $3,124.98, which indicates little volatility over the last 24 hours. Trading volume fell 24.35 percent to 19.35 billion dollars. The total market cap is now trading at around $350.2 billion, which corresponds to an 18.41 percent market dominance.
ETH/USD 4-Hour Chart: Will ETH Break Below USD 2,950?
On the 4-hour chart, we see Ethereum price testing $2.950 for the second time, which should lead to another decline today.
Ethereum price action has increased significantly over the past month. After retesting the previous major $1,725 support, ETH/USD is up more than 90 percent to $3,300 resistance.
However, the bullish momentum slowed last week, with only slightly higher highs reaching the $3,300 resistance. After a third test of resistance on August 17, Ethereum finally fell lower, setting a lower level at $2,950.
This Ethereum price movement indicates a short-term change in momentum. Since we saw the local lower high of USD 3,100 yesterday, we can assume that ETH/USD will be likely to decline further over the next 24 hours and will try to test the next support at USD 2,850 next.
Ethereum price analysis: conclusion
The Ethereum price analysis is bearish over the next 24 hours as yesterday’s gain of around $3,100 was rejected and the market price has returned to $2,950. So we expect ETH/USD to fall today and try to test the support at USD 2,850.
While you wait for Ethereum to move forward, check out our articles on Bitcoin Futures, Decentralized Exchanges, and the NFT Marketplace.
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