Ethereum Price Analysis: ETH spikes to $2,000, ready to push lower again?

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  • ETH rallied overnight.
  • Resistance around $2,000 retested.
  • Ethereum targets a $1,725 low next.

Ethereum price analysis indicates bearish momentum to take over later today as another retest was seen around the $2,000 mark. Therefore, we can expect ETH/USD to pivot lower again and start heading towards the $1,850 mark next.

Ethereum Price Analysis: ETH spikes to $2,000, ready to push lower again? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 0.77 percent, while Ethereum 4.67 percent. Dogecoin (DOGE) is among the best performers, with a gain of around 10 percent.

Ethereum price movement in the last 24 hours: Ethereum retests the $2,000 resistance

ETH/USD traded in a range of $1,864.18 – $1,988.34, indicating a moderate amount of volatility. Trading volume has remained flat and totals $13.78 billion. Meanwhile, the total market capitalization stands around $229.34 billion, resulting in market dominance of 17.94 percent.

ETH/USD 4-hour chart: ETH prepares for another wave lower?

On the 4-hour chart, we can see the Ethereum price preparing to push below the $1,850 support after a retest of the $2,000 mark.

Ethereum Price Analysis: ETH spikes to $2,000, ready to push lower again?
ETH/USD 4-hour chart. Source: TradingView

The Ethereum price action trades with a strong bearish momentum over the past week after a new several-week high was set around $2,400. From there, ETH/USD established a slightly higher low around the $2,050 mark on the 9th of July.

 What followed was several day consolidations around $2,100 and another substantial move lower. The $1,850 mark was reached on the 14th of July, and, after a retest of $2,000 for the first time, a double bottom was slowly set around $1,850.

Overnight, Ethereum spiked higher to the $2,000 resistance, where the 50 period moving average offered additional resistance. Since bulls could not reach further upside, we can expect ETH/USD to start heading lower later today and reach towards the $1,725 support next.

Conclusion 

Ethereum price analysis indicates bearish momentum to come over the next 24 hours as the market quickly spiked to the $2,000 resistance and rejected further upside. This should lead ETH/USD towards the $1,725 next major support over the following days. 

While waiting for Ethereum to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

Source: cryptopolitan.com

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