- 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.
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.
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.
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