Ethereum price analysis: Ethereum spikes below $2,200, ready to test $1,900?

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  • ETH moved lower overnight.
  • A slight upside was seen yesterday.
  • Lower low currently being set.

Ethereum price analysis is bearish for today as the market started to push lower over the past hours. Therefore, we can expect ETH/USD to reach towards the $1,900 support over the next 24 hours and set another lower low.

Ethereum price analysis: Ethereum spikes below $2,200, ready to test $1,900?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Both Bitcoin and Ethereum have lost more than 5 percent, with Ripple (XRP) being among the worst performers with a loss of 9 percent.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,120 – $2,278, indicating a moderate amount of volatility. Trading volume has decreased by 24.2 percent and totals $17.8 percent. Meanwhile, the total market cap stands at $246.8, resulting in market dominance of 17.14 percent.

ETH/USD 4-hour chart – ETH spikes lower

On the 4-hour chart, we can see the Ethereum price moving away from the $2,200 support as bears look to set further lower low.

Ethereum price analysis: Ethereum spikes below $2,200, ready to test $1,900?
ETH/USD 4-hour chart. Source: TradingView

The overall market continues to trade within a very strong bearish price action structure over the past weeks. After retracing to the $1,725 mark, Ethereum quickly spiked lower and established a resistance around $2,900. 

From there, ETH/USD moved sideways for the past weeks with several retests of the $2,900 resistance. The last time bulls attempted to push the market was on the 7th of June. ETH/USD was quickly rejected and bears took control over the price action again.

After a retracement to the $2,600 mark and a retest for the second time on the 14th of June, the Ethereum price moved lower again over the past few days. The $2,200 initially prevented the market from moving any lower as a small consolidation was formed. 

However, over the past hours, ETH/USD spiked lower again. Currently, the $2,100 mark has been reached and we can expect a low more downside from there. This means that it is best to stay on the sidelines for now and wait for further Ethereum price action development.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish as the market moved lower over the past hours after breaking through the $2,200 support. This should lead ETH/USD towards setting another major lower low, with the next support located around the $1,900 mark.

While waiting for further Ethereum price action development, read our guides on DeFi advantages, Bitcoin fees, and what can you buy with Bitcoin.

Source: cryptopolitan.com

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