Ethereum price analysis: Is ETH on the verge of breaking beyond $2,500?

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  • Today’s Ethereum price analysis is pessimistic.
  • The price of Ethereum has dropped again further overnight.
  • The next support level of $2,500 is currently being evaluated.

Today’s Ethereum price analysis is negative, as we observed a sharp slide lower following yesterday’s stabilization. As a result, additional fall is possible beyond the $2,500 next support level, as selling pressure remains high.

Over the previous 24 hours, the market has been in the red. Bitcoin, the market leader, fell 4.2 percent, while Ethereum fell 5.95 percent. Meanwhile, the majority of the leading cryptocurrencies are closely followed.

Ethereum price trend during the previous 24 hours: Ethereum fails to reverse and shoots lower.

Over the previous 24 hours, ETH/USD has moved from $2,523.86 to $2,696.65, showing high volatility. Trading volume has climbed by 28.22% to $19.19 billion, resulting in 19.32 percent over the overall market cap of $304.62 billion.

The 4-hour chart of ETH/USD: ETH tests $2,500

On the 4-hour chart, Ethereum’s price is set to fall even more as selling pressure remains high.

The price of Ethereum has been under heavy selling pressure in recent days. After a fast rise to $2,950, ETH/USD reversed on May 5, 2022, and fell to the previous swing low of $2,720.

Ethereum price analysis: ETH breaks down further, ready to break past $2,500?
ETH/USD 4-hour chart. Source: TradingView

After that, there was additional consolidation, foreshadowing a possible reversal yesterday. Overnight, however, another drop occurred, this time reaching the $2,500 support level.

As a result, the price of Ethereum has issued a clear signal that the market remains weak. Over the following 24 hours, we are likely to witness a further plunge, maybe past the $2,500 support.

Conclusion

Today’s Ethereum price analysis is negative, as we’ve witnessed another big decline and a break of the $2,650 significant support. As a result, ETH/USD is projected to fall considerably more next week, past $2,500.

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