• Ethereum price analysis is bearish today.
  • ETH/USD broke past $2,600 support yesterday.
  • Next support at $2,500 tested overnight.

Ethereum price analysis is bearish today as we have seen a strong break lower again to the $2,500 mark. From there, ETH/USD quickly reacted higher, posting another local lower high, meaning more downside should follow next.

Ethereum price analysis: ETH drops to $2,500, sellers still strong?  1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, posted a small gain of 0.38 percent, while Ethereum lost 0.36 percent. Rest of the market trades with similarly mixed results.

Ethereum price movement in the last 24 hours: Ethereum sets further low at $2,500, quickly retest previous support

ETH/USD traded in a range of $2,507.11 – $2,649.07, indicating substantial volatility over the last 24 hours. Trading volume has increased by 58.3 percent, totaling $12.59 billion, while the total market cap trades around $313 billion, resulting in a dominance of 17.95 percent.

ETH/USD 4-hour chart: ETH looks to set another lower high?

On the 4-hour chart, we can see the Ethereum price strongly reacting from the $2,500 support, leading back above $2,600 previous support.

Ethereum price analysis: ETH drops to $2,500, sellers still strong?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong bearish momentum take over again over the last days. After a strong higher high was set at $3,040 on the 1st of March, ETH/USD formed double top before starting to rapidly decline later in the week.

Around 15 percent were quickly lost to the $2,600 previous support in a couple of days. From there, ETH failed to react higher, leading to consolidation over the weekend. 

Selling returned late yesterday, leading the Ethereum price towards the next support at $2,500. Therefore, the overall market structure has turned bearish again. Once the current reaction higher ends, we expect ETH/USD to move for another dive lower.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen more downside reached late yesterday. The following reaction higher has retested previous support as resistance, likely meaning ETH/USD is ready for further decline. 

While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.