- ETH retested the $2,400 local swing high yesterday.
- Strong move lower overnight.
- Support around $2,200 tested right now.
Ethereum price analysis is bearish for today as the market retraced over the last 24 hours and reached the previous support of around $2,200. Therefore, we can expect ETH/USD to see further downside once the support breaks as bulls seem exhausted overall.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 6 percent while Ethereum 8.6 percent. The rest of the market follows this price action pattern of around 6-8 percent loss.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,203 -$2,403, indicating a moderate amount of volatility. Trading volume has decreased by around $7.5 percent and totals $22.1 billion. Meanwhile, the total market cap stands at around $257.3 billion, resulting in a market dominance of 18.38 percent.
ETH/USD 4-hour chart – ETH spikes lower overnight
On the 4-hour chart, we can see the Ethereum price rapidly moving lower to test further lows.
The overall market price action structure is still bearish, despite the recovery seen over the past weeks after the previous major low of around $1,725 was tested. What followed was a sharp rally higher at the end of June, with a high thigh set around $2,400 last week.
On Monday the Etheruem price made another attempt to push higher to the $2,400 mark and a sharp rejection was seen from there, indicating that bulls are exhausted and ETH/USD needs to retrace a lot more.
Therefore, we expect the current minor support of around $2,200 to break later today and further downside to being tested over the next 24 hours. If ETH/USD moves as low as the $2,000 mark, we could see a lot more downside over the following weeks.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish as the market retested the $2,400 swing high yesterday and currently prepares to break below the $2,200 support.
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