- 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.
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