- ETH retested $2,000 resistance yesterday.
- Further downside was seen overnight.
- $1,850 support currently holds Ethereum from further downside.
Ethereum price analysis indicates bearish price action sentiment for the next 24 hours as the market moved lower overnight after retesting the $2,000 resistance. Therefore, we should see ETH/USD break lower later today and reach the next support at $1,725.
The overall market trades with a slight loss over the last 24 hours. Bitcoin is down by 1 percent, while Ethereum is around 4.6 percent. Meanwhile, Dogecoin (DOGE) is among the worst performers with a loss of more than 7 percent.
Ethereum price movement in the last 24 hours: Ethereum moves to tests $1,850 support again
ETH/USD traded in a range of $$1,867.72 – $1,971.74, indicating a moderate amount of volatility over the last 24 hours. Trading volume has slightly declined by 7.65 percent and totals $12.98 billion. Meanwhile, the total market capitalization stands around $219.66 billion, resulting in market dominance of 17.15 percent.
ETH/USD 4-hour chart: ETH ready to breach $1,850?
On the 4-hour chart, we can see the Ethereum price moving away from the $2,000 lower low as bears prepare for another move lower.
Ethereum price action structure trades with a strong bearish momentum over the past week. After ETH/USD rallied for several weeks from the $1,725 previous major swing low, the market gained more than 40 percent and established a major swing high around $2,400.
From there Ethereum spiked lower and consolidated around $2,100 for several days. ETH/USD could not reverse back to the upside and another sharp wave lower was seen to the $1,850 mark. Since then ETH has traded above the $1,850 support, with two clear lower highs set around $2,000.
Overall, this means that ETH/USD currently build up a base from which to attempt another move lower later this week below the $1,850 support. Once the $1,850 support breaks, we can expect further downside later this week, with the $1,725 mark targeted next.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as the market set a lower high around $2,000 yesterday and bears have moved the market towards the next support at $1,850. Therefore, we expect ETH/USD to breach the $1,850 later today and start its way towards the next major support around $1,725 next.
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