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Ethereum Price Analysis: ETH slowly tests $1,850 support, targets $1,725 next?

Ethereum analysis

TL;DR Breakdown

  • ETH continued to consolidate above $1,850 overnight.
  • Market still prepares for a breakout.
  • Ethereum targets $1,725 support next.

Ethereum price analysis is bearish for today as bears have established a consolidation base above the $1,850 mark over the last 24 hours with increasingly lower lows. Therefore, we expect ETH/USD to break lower today and reach the next support of around $1,725.

Ethereum Price Analysis: ETH slowly tests $1,850 support, targets $1,725 next? 1
Cryptocurrency heat map. Source: Coin360

Crypto market trades with mixed results over the last 24 hours. Bitcoin has increased by 0.26 percent, while Ethereum remains flat. The rest of the top altcoins have seen a slight decline.

Ethereum price movement in the last 24 hours: Ethereum builds momentum above $1,850

ETH/USD traded in a range of $1,854.55 – $1,938.29, indicating mild volatility over the last 24 hours. Trading volume has decreased by 8 percent and totals $14 billion. Meanwhile, the total market capitalization stands around $217.6 billion, resulting in market dominance of 17.1 percent.

ETH/USD 4-hour chart: ETH ready to spike to $1,725?

On the 4-hour chart, we can see the Ethereum price approaching $1,850 support once again as bears look to push the market lower and reach the next support around $1,725.

Ethereum Price Analysis: ETH still tests $1,850, targets $1,725 next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price structure trades within a strong bearish momentum over the last week. After ETH/USD reached the $2,400 resistance, the market could not move any higher and only set a slightly higher high on the 7th of July.

A strong push lower to the $2,050 mark followed, with consolidation around $2,100-$2,150 for several days. From there, Ethereum declined further and rapidly reached the $1,850 support next.

On Wednesday, Ethereum price rallied to regain some of the loss and retested the $2,000 mark as a resistance. This price action development resulted in another several-day move lower, with the $1,850 support preventing further downside. 

Once ETH/USD can break below the $1,850 support, we can expect further downside over the next 24 hours, with the $1,725 mark tested next. In case the $1,725 last support fails to hold, we can expect a lot more downside over the next weeks.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis indicates bearish momentum for today as bears built-up pressure above $1,850 support after further decline yesterday. Therefore, we expect ETH/USD to reach the $1,725 mark next, meaning a further drop of around 7.5 percent.

While waiting for Ethereum to reach $1,725, read our guides on DeFi advantages, Bitcoin fees, as well as what can you 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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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