Ethereum Price Analysis: ETH Fails to Break $ 3,775 Resistance, Another Drop Looming?

TL; DR Breakdown

Ethereum price analysis is bearish today. ETH / USD retested the resistance at $ 3,775. Bearish momentum slowly returns.

Ethereum price analysis is bearish today as the $ 3,775 resistance prevented a further high again. ETH / USD is likely to need another pullback before further upside can be reached.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market as a whole experienced a slight return of bullish momentum in the last 24 hours. Both Bitcoin and Ethereum traded in the green, with a small gain of 0.07 and 0.59 as previous resistance levels were retested. Most of the altcoin saw similar price action.

Ethereum Price Movement Over The Past 24 Hours: Ethereum Retests Resistance At $ 3,775

ETH / USD traded in a range of $ 3,704.69 – $ 3,769.92, indicating slight volatility over the last 24 hours. Trading volume has decreased by 26.79 percent, totaling $ 8.86 billion. Meanwhile, the total market capitalization traded around $ 444.8 billion, resulting in a 19.9 percent market dominance.

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

On the 4-hour chart, we can see that Ethereum price slowly reversed lower as the $ 3,775 resistance failed to break.

ETH / USD 4-hour chart. Source: TradingView

Ethereum’s price has seen a strong sell-off this week after a new strong high was set last week. After hitting $ 4,150 on December 23, ETH / USD set a series of local lower highs before falling sharply on December 27.

During the following days, Ethereum declined around 13 percent until a reaction of $ 3,600 was seen. From there, the market briefly rallied above $ 3,800 before testing the previous support again on Friday.

Since then, Ethereum’s price action has returned to the $ 3,775 mark, likely resulting in a lower local set. Over the next 24 hours, ETH / USD should test the downside again, with a higher low than expected.

Ethereum price analysis: conclusion

Ethereum price analysis is bearish today as we saw the $ 3,775 mark reverse the price action again. ETH / USD is likely to head for another test to the downside before any attempt can be made to break to the upside.

While you wait for Ethereum to make further progress, check out our articles on Crypto Tax Loss Collection, BTC-Backed Mortgage Services, and Pi Wallet.

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Ethereum Price Analysis: ETH Fails to Break $ 3,775 Resistance, Another Drop Looming?

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