Ethereum Price Analysis: ETH Still Holding Below $1,350, Another Drop Ahead?

Ethereum price analysis is bearish today as we have seen further sideways momentum below the $1,350 resistance in the past 24 hours. Given that ETH/USD rejected another breakout attempt late yesterday, we expect another move lower to follow later today.

Cryptocurrency heat map. Source: Coin360

The market has been trading in the red for the past 24 hours. The leader, Bitcoin, lost 2.79%, while Ethereum lost 2.29%. Meanwhile, the rest of the market traded with similar selling pressure.

Ethereum price movement in the last 24 hours: Ethereum fails to continue higher

ETH/USD traded in a range of $1,320.73-$1,368.74, indicating slight volatility over the past 24 hours. The trading volume decreased by 38.85%, totaling $8.65 billion, while the total market capitalization traded around $162.25 billion, resulting in a market dominance of 17, 3%.

ETH/USD 4-Hour Chart: ETH Seems to Fall Below $1,300?

On the 4-hour chart, we can see slight selling pressure over the past few hours, likely leading to another attempt to break above the $1,300 support later in the weekend.

ETHUSD 2022 10 01 18 28 57

ETH/USD 4 hour chart. Source: TradingView

Ethereum’s price action saw a steady rise at the end of September, leading to a retest of the $1,400 resistance on Tuesday. A strong higher high was set as a result before the decline took ETH/USD towards the $1,250 support.

Consequently, the market had been setting lower and lower highs, indicating indecision about where to go next. A higher reaction followed accordingly towards the $1,350 resistance, where ETH has been consolidating since.

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An attempted break higher was rejected late yesterday indicating that a lower high is set and sellers should soon take control of the market. The first target to break through is the $1300 support, which should lead to a quick spike towards the $1250 support later in the weekend.

Ethereum Price Analysis: Conclusion

Ethereum Price Analysis is bearish today as we saw a failure to rise and further consolidation below the $1,350 resistance. It is likely that ETH/USD will look to test previous lows once again and break above the $1,300 support.

Until Ethereum goes further, check out our articles on how to buy Litecoin, filecoinand Spotted.

Disclaimer. The information provided is not commercial advice. Cryptopolitan.com accepts no responsibility for investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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