- ETH moved higher overnight.
- Upside momentum lost around $2,175.
- Ethereum is likely to push lower again.
Ethereum price analysis is bearish for today as the market rallied overnight towards the $2,200 resistance and failed to reach further upside. Therefore, we expect ETH/USD to move lower later today and potentially test the $2,000 mark next.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,105.35 – $2,172.65, indicating a moderate amount of volatility. Trading volume has remained flat and still totals $15.5 billion. Meanwhile, the total market capitalization trades around $246 billion, resulting in a market dominance of 17.59 percent.
ETH/USD 4-hour chart – ETH ready for another push lower?
On the 4-hour chart, we can see the Ethereum price preparing for another move to the downside after bulls failed to push the market above $2,200 overnight.
Ethereum has shown signs of reversal over the last days after a several-week rally was seen from the $1,725 support. Since ETH/USD only set a slightly higher high on the 7th of July, bears took over the price action momentum and pushed Ethereum price below $2,200 previous local low support.
After the $2,200 support was breached, ETH/USD started consolidating around the $2,100 mark. Overnight, another attempt to push ETH above $2,200 was seen. However, the market could not reach the $2,200 mark, and another move lower started over the past hours.
This Ethereum price action development indicates that bears are in control again, and we should see a lot more downside over the next few days with the $2,000 support as the next target. Once the $2,000 mark is reached, the market will likely set another lower high and push lower from there.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as further upside was rejected overnight, and bears have pushed ETH lower over the past hours. Therefore, we expect ETH/USD to push towards the $2,000 mark next and set further lows from there.
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