- ETH moved higher overnight.
- Market has approached previous high around $2,300.
- Bitcoin likely to reverse lower again
Ethereum price analysis is bearish for today as a lower high will likely be set over the next hours, and ETH will make another push lower from there. Therefore, we expect ETH/USD to move to the $1,900 support over the next few days.
The overall market trades in the green over the last 24 hours. Bitcoin has increased by 4 percent, while Ethereum 8 percent. The rest of the altcoin market follows this trend of bullish results.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,033 – $2,231, indicating a moderate amount of volatility. Trading volume has decreased by 30 percent and totals $18.6 billion. The total market capitalization stands around $259.2 billion, resulting in market dominance of 18.1 percent.
ETH/USD 4-hour chart – ETH moves back above $2,200
On the 4-hour chart, we can see the Ethereum price action looking to retest the $ $2,300 previous swing high.
The overall market trades with a strong bearish momentum over the past weeks. After testing the $2,900 resistance several times in June, ETH/USD started moving lower over the following weeks until the $1,725 previous major support was reached.
After retesting the $1,725 mark for the second time on the $26th of June, Ethereum rallied much higher and reached the $2,300 previous support, which now acts as a resistance. This means that the Ethereum price is currently in an area where the market wants to reverse back to the downside again.
Overnight, ETH/USD made a sharp rally higher after retracing to the $2,000 support, where a slightly lower high likely be set. The lower high would indicate that the market wants to retrace further over the next few days and reach the next support at $1,900.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as the market looks to set a slightly lower high and move lower from there over the next 24 hours. Therefore, we can assume that ETH/USD will head towards the $1,900 support next.
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