TL;DR Breakdown
- ETH moved towards $2,000 yesterday.
- Further upside was heavily rejected.
- Next downside target at $1,725.
Ethereum price analysis indicates strong bearish momentum to take over later today as further upside was heavily rejected overnight. Therefore, we expect ETH/USD to target the $1,725 next major support next, leading to another more than 10 percent drop.
The overall market trades with a slight gain over the last 24 hours after a strong rally over the past hours. Bitcoin is up by 0.78 percent, while Ethereum is around 2 percent. Binance Coin is up by almost 6 percent and is among the best performers as of now.
Ethereum price movement in the last 24 hours: Ethereum established a clear lower high
ETH/USD traded in a range of $1,931 – $2,037, indicating substantial volatility. Trading volume has decreased by 10.77 percent and totals $15.9 billion. Meanwhile, the total market capitalization stands around $230.6 billion, resulting in market dominance of 17.23 percent.
ETH/USD 4-hour chart: ETH ready to spike lower again?
On the 4-hour chart, we can see the Ethereum price heavily rejecting further upside above $2,000, indicating further downswing later today.
The overall market structure has turned bearish again over the past week. After Ethereum reached the $2,400 mark on the 7th of July, two sharp spikes lower were seen, pushing the Ethereum price to the $1,900 mark.
This price action development was due to the inability of Ethereum to set substantially higher highs as bulls got exhausted. Therefore, a new medium-term lower low was set, indicating that the overall market structure is still bearish after the massive retracement we saw in May. This indicates that ETH/USD is set to drop even further later this month.
Yesterday a sharp rally was seen to $2,000, with a strong rejection for further downside. Over the past hours, ETH/USD has already started to move lower, likely resulting in another wave to the downside of more than 10 percent over the weekend, with the $1,725 support as the next major target.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as bulls quickly tested the $2,000 mark overnight and saw a strong rejection for further upside. Therefore, ETH/USD is expected to see another strong push lower over the next few days, with the $1,725 major support targeted next.
While waiting for Ethereum to drop further, 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.
