- ETH moved lower yesterday.
- Ethereum breaks new lows.
- Next support target at $1,725.
Ethereum price analysis indicates bearish momentum for today as bears have regained control and a new lower low is currently being set. Therefore, we expect ETH/USD to reach the next target at $1,725 over the next few days.
The overall market trades in the red today. Bitcoin is down by 2.2 percent, while Ethereum is almost 3 percent. Dogecoin is among the worst performers with a loss of 7.6 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks new lows
ETH/USD traded in a range of $$1,853.59 – $1,959.70, indicating a moderate amount of volatility. Trading volume has decreased by 4.3 percent and totals 15.1 billion. Meanwhile, the total market capitalization trades around $217.5 billion, resulting in market dominance of 17.1 percent.
ETH/USD 4-hour chart: ETH targets $1,725 next?
On the 4-hour chart, we can see the Ethereum price breaking below the current local low as bears look to push the market towards further downside.
The overall market trades with a bearish momentum over the past weeks after ETH/USD set a clear swing high around $2,400. This was a result of a several-week rally from the $1,725 previous low that was reached at the end of June 22nd and retested on June 26th.
However, the further upside was not seen and Ethereum price saw a quick decline to $2,100-$2,200 area first and another push lower to $1,900 over the past days. This price action development resulted in a brief spike higher as the market wanted to retest the $2,000 mark as a resistance.
Once ETH/USD reached the $2,000 mark, any further upside was quickly rejected and bears started pushing the market lower again. This has resulted in another local lower low set over the last hours. Therefore, we expect the Ethereum price to drop further later today and reach the $1,725 mark next.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for the next 24 hours as bears currently push the market below the previous low of around $1,865. Therefore, we can expect further downside over the weekend, with the $1,725 mark targeted next.
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