Ethereum price prediction indicates the bulls are exhausted at $3.4K

Ethereum price prediction summary

• Ethereum price analysis is bearish today.
• ETH/USD continues to test $3,400 local support.
• Several lower highs set overnight.

Today’s Ethereum price analysis is bearish, as additional lower highs were recorded over the previous 24 hours while the $3,400 local support still stands. As a result, we anticipate ETH/USD to fall even further in the coming days as bearish momentum increases.

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 4.42 and 0.18 percent. Meanwhile, Binance Coin (BNB) is the top performer, with a gain of 14 percent.

Ethereum price prediction in the last 24 hours: Ethereum continues building up momentum above $3,400

The price of ETH/USD has been fluctuating between $3,407.34 and $3,541.82 in recent days, indicating little volatility. Trading volume was up 0.85 percent with a total volume of $16.85 billion, while the overall market cap has a value of around $406.7 billion, giving the coin a market cap share of 3.22 percent.

Ethereum price analysis: ETH/USD bearish after three lower highs were recorded during the early hours of today’s trading

ETH/USD 4-hour chart: ETH to break $3,400 today?

We may observe a bearish momentum build up in Ethereum price action on the 4-hour chart, with increasingly lower local highs being established.

ETH/USD 4-hour chart. Source: TradingView

The price of Ethereum rose by more than 30 percent in the first days of October, following a month-long decline. In the four weeks since September 21, ETH/USD has gained approximately 30% from its low of $2,750 to its high of $3,650.

ETH/USD is now trading in an increasingly tighter range, suggesting that there were a few movements in ETH/USD; which was capped at the $3,640 level. The price dropped to a day-low of $3,500 and has since recovered slightly to the current levels. While trading near the 23.6 percent Fibonacci retracement level.

We expect another leg lower in Ethereum price on Friday, as the new support is located at the $3,150 previous significant resistance. We could see ETH/USD establish a higher major swing low and reverse to the upside once more around this support.

Ethereum Price Prediction: Conclusion 

The Ethereum price has been bearish over the past 24 hours, as bears have established increasingly deeper lows. As a result, we anticipate that ETH/USD will drop further today and fall to around $3,150 later this week when it will encounter our next major support level.