- ETH tests $2,200 resistance overnight.
- ETH/USD rejected further upside
- ETH is set to move towards $2,000 support next.
Ethereum price analysis is bearish as the market found resistance around $2,200 resistance and started moving lower earlier today. Therefore, we expect ETH/USD to start heading lower towards the next support at $2,000.
The overall crypto market trades with a slight loss over the past 24 hours. Bitcoin has lost 2.4 percent, while Ethereum 2 percent. The rest of the altcoin market saw similar results, with Polkadot being among the worst performers, with a loss of 5 percent.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,090 – $2,242, indicating a moderate amount of volatility. Trading volume has decreased by 8.2 percent and totals $23.9 billion. The total market cap stands around $246.6 billion, resulting in market dominance of 17.5 percent.
ETH/USD 4-hour chart – ETH respects the $2,200 resistance overnight
On the 4-hour chart, we can see the Ethereum price moving lower earlier today after resistance was found around $2,200-$2,050 area.
The overall Ethereum price action structure is still bearish for the past weeks. After the $2,900 resistance was tested several times, ETH/USD retraced by more than 40 percent until support was found around $1,725.
After retesting the $1,725 support for the second time, ETH started trending higher on the $26th of June. Over the following days, ETH/USD moved towards $2,200 resistance which previously acted as strong support. From there, we can expect Ethereum to start pushing lower along the several-week bearish momentum to try to reach further low.
However, support could still be found around $1,900 and $2,000 level. This could be the area where a higher low is set over the rest of the week. In this scenario, ETH/USD could head towards a move above the $2,250 high next. From there, Ethereum would create a much more bullish price action structure.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for the upcoming day as further upside was rejected overnight, and the market reversed to retrace some of the gain seen over the past days.
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