- ETH moved lower yesterday.
- Support found around $2,000.
- Market likely to retrace some of the loss.
Ethereum price analysis indicates bullish momentum today as a sharp spike ower to the $2,000 support was seen overnight. From there, ETH/USD rejected further downside, indicating that we will see retracement later today.
The overall market trades in the red over the last 24 hours. Bitcoin has lost around 2.58 percent, while Ethereum around 5 percent.
Ethereum price movement in the last 24 hours: Ethereum reached $2,000 with huge volatility
ETH/USD traded in a range of $1,980 – $2,132, indicating substantial volatility. Trading volume has increased by 18 18.95 percent and totals $18 billion. The total market capitalization trades around $236.8 billion, resulting in market dominance of 17.31 percent.
ETH/USD 4-hour chart: ETH ready to rally higher?
On the 4-hour chart, we can see the Ethereum price rejecting further downside over the past hours, indicating a reversal today.
The overall market structure has turned bearish over the past week after ETH reached $2,400 high and failed to move higher. This price action development ended the several-week rally seen at the end of June and the beginning of July, indicating that we can expect a lot more downside later this month.
Over the past days, we saw ETH/USD consolidate around $2,100-$2,150 until a rapid spike lower was seen yesterday. The Ethereum price quickly reached the $2,000 support and saw a slight rejection for further downside. This price action development indicates that Ethereum is ready to retrace some of the loss and establish another lower high.
Once another lower high is set, ETH/USD will likely aim to reach further downside, with the next support level around $1,900.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for today as the market saw a sharp decline overnight, with the $2,000 mark preventing further downside. Therefore, we expect ETH/USD to reverse later today and try to establish another lower high.
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