- 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.
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.
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
