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Ethereum price analysis: Ethereum respects $2,600 resistance, prepares to move lower?

Ethereum price analysis

TL;DR Breakdown

  • ETH moved lower overnight.
  • Resistance at $2,600 still holds.
  • Next support at $2,200

Ethereum price analysis is bearish for today as the market failed to move above the $2,600 resistance and prepares to push lower later this week. Therefore, we caen expect ETH/USD to retrace to $2,200 support next.

Ethereum price analysis: Ethereum respects $2,600 resistance, prepares to move lower? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin remains relatively flat with a small loss of 0.5 percent, while Ethereum is down by 2.3 percent. Rest of the market performed with similar small loss.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,504 – $2,609, indicating a moderate amount of volatility. Trading volume has decreased by 16.36 percent and totals $24 billion. Meanwhile, the total market cap stands at $293.8 billion, resulting in a market dominance of 17 percent.

ETH/USD 4-hour chart – ETH moves away from $2,600

On the 4-hour chart, we can see the Ethereum price failing to move higher overnight, resulting in a retracement to the $2,500.

Ethereum price analysis: Ethereum respects $2,600 resistance, prepares to move lower?
ETH/USD 4-hour chart. Source: TradingView

The overall market trades within a neutral price action momentum. After retracing more than 60 percent in May, ETH/USD established a clear swing low at $1,725, and the following retracement to the upside set a clear resistance at $2,900.

What followed was a consolidation in an increasingly tighter range for the past weeks with higher lows and retests of the $2,900 resistance. Therefore, once the Ethereum price action can manage to break above the $2,900 mark we can expect a lot more upside over the next weeks. Until then, we should see Ethereum continue moving sideways.

Over the past days, we saw Ethereum failing to move to the $2,900 mark, and setting a slightly lower low after retesting the $2,600 mark. From there, ETH rallied over the past days to make another attempt to break above the $2,600 resistance. 

However, bulls could not push the market any higher yesterday, resulting in a slow retracement to the $2,500 mark overnight. This indicates that ETH should see further downside later this week as bears likely prepare to test the $2,200 support again.

Alternatively, if the $2,600 mark breaks, we could see a more bullish market development scenario over the next few days. 

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish as the market still respects resistance around $2,600. This means that we expect ETH/USD to push lower again over the next days and retest the $2,200 support. 

While waiting for Ethereum to retrace, read our guides on Cardano staking, cashing out Bitcoin, as well as how to buy Bitcoin stock.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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