- ETH moved lower overnight.
- Support around $1,725 tested again.
- Next support at $1,550.
Ethereum price analysis is bearish for the next 24 hours as the market saw a strong decline overnight and the previous support at $1,725 war reached. Therefore, we can expect ETH/USD to move lower over the weekend and reach the next support at $1,550.
The overall market has declined over the last 24 hours. Bitcoin has lost 11.7 percent, while Ethereum 11. The rest of the altcoin market follows this price action development with a similar 10-12 percent loss.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $1,719 – $1,946, indicating strong volatility over the last 24 hours. The trading volume stands at $22.3 billion, which is up by 13.8 percent. Meanwhile, the total market cap trades around $201.5 billion, resulting in market dominance of 16.24 percent.
ETH/USD 4-hour chart – ETH ready to break $1,725 previous low
On the 4-hour chart, we can see the Ethereum price continuing to decline overnight as bears want to set a lower low and reach the next support at $1,550.
The overall market trades with a bearish price action structure over the past weeks as bears continue looking for lower lows after the market failed to break above the $2,900 resistance earlier this month.
As we saw earlier this week, the Ethereum price briefly held the $2,200 previous support level, however, after more than 24 hours of consolidation, bears pushed the market lower, and, after a retest of the $2,200 support as a resistance, ETH/USD saw another strong push lower.
ETH/USD spiked to $1,725 initially on the 22nd of June. From there, the further downside was quickly rejected. However, after a slight upside and consolidation around the $2,000 price area, Ethereum moved lower again and approached the $1,725 support once again over the past hours.
Therefore, we can assume that further downside will be seen later today and bears will target the next support at $1,550. In this scenario, the ETH/USD price action structure will become even more bearish, meaning that a lot more downside could be seen over the next weeks.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as the market continued to move lower earlier today after a strong decline was initiated yesterday. This price action development should lead ETH/USD towards further downside over the weekend, with the $1,550 mark as the next support target.
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