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Ethereum price analysis: ETH continued to move lower, support found around $2,050?

Ethereum Price analysis

TL;DR Breakdown

  • ETH moved lower yesterday.
  • The previous swing low, around $2,000, still holds.
  • Market likely to move higher over the weekend.

Ethereum price analysis is bullish for today as the market has established a higher low over the past hours, and further upside is expected as bulls prepare to push higher again.

Ethereum price analysis: ETH continued to move lower, support found around $2,050? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has increased by 2 percent while Ethereum has remained relatively flat, around 0.3 percent. Dogecoin is among the best performers, with a gain of 6.5 percent.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,051 – $2,175, indicating a moderate amount of volatility. Trading volume has decreased by 3.6 percent and totals $21.9 billion. The total market capitalization trades around $250.7 billion, resulting in market dominance of 18 percent.

ETH/USD 4-hour chart – ETH established a higher low

On the 4-hour chart, we can see the Ethereum price moving lower over the past days to establish a higher low and p[ush higher from there.

Ethereum price analysis: ETH continued to move lower, support found around $2,050?
ETH/USD 4-hour chart. Source: TradingView

Looking at the Ethereum price over the last weeks, we can see that the market still trades within a strong bearish momentum. After the $1,725 previous low was tested, ETH/USD reversed once again on the 26th of June and started moving higher from there. 

The first higher high was around $2,300, with further attempts to move higher earlier this week. Since only a slightly higher low was reached, we can assume that ETH/USD has lost its momentum. 

Yesterday a strong decline resulted in the $2,000 mark almost tested, also indicating that bulls are exhausted. However, considering the price action development over the last 24 hours, we can expect Ethereum to move higher later today and try to attempt to set another swing high from there.

In case a lower high is set, a lot more bearish momentum can be expected later this month.  

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for today as a higher low has been established over the past hours, and we can expect ETH/USD to move higher from there. Therefore, we could see a new higher high set next week, with the $2,600 mark as the next target.

While waiting for Ethereum to reverse to the upside, read our guides on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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