- 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.
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 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.
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