- ETH established a swing low of around $1,725 yesterday.
- Market rallied overnight.
- Another lower high currently develops.
Ethereum price analysis indicates bearish momentum to take over later today as a strong retracement was seen since midnight, and a lower high currently is set. Therefore, we expect ETH/USD to move lower later today and break below the $1,725 support next.
Crypto market trades with a substantial gain over the last 24 hours. Bitcoin is up by 6.6 percent, while Ehtereum is 9 percent. Dogecoin (DOGE) is among the best performers, with a gain of 16.33 percent.
Ethereum price movement in the last 24 hours: Ethereum regains most of the loss
ETH/USD traded in a range of $1,739.03 – $1,917.62, indicating a strong amount of volatility over the last 24 hours. Trading volume has remained flat and still totals $16.87 billion. Meanwhile, the total market capitalization trades around $222 billion, resulting in market dominance of 17.4 percent.
ETH/USD 4-hour chart: ETH established another lower high?
On the 4-hour chart, we can see the Ethereum price rallying over the last 24 hours as another lower high is set before further downside can follow later this week.
Ethereum price action traded with a strong bearish momentum over the last weeks. After a strong rally from the previous major swing low around $1,725, ETH/USD gained around 40 percent to the $2,400 high.
However, Ethereum could not move any higher from there, and another strong wave to the downside was seen on the 12th of July after a brief consolidation. Support around $1,850 prevented further downside for almost a week, with the $2,000 previous support now acting as a resistance retested twice.
From the $2,000 resistance, ETH/USD saw a quick spike lower for the third time, with $1,725 previous major support reached. Yesterday, Ethereum started to rally once again and retraced to the $1,900 mark, where a lower high will likely be established. From the $1,900 mark, we expect ETH/USD to drop lower again later this week as bears target the $1,550 support next, indicating another potential drop of around 15-20 percent.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish for today as a new lower high is currently established around the $1,900 mark. Therefore, we expect ETH/USD to move lower later today and continue its way along with the overall bearish momentum towards the $1,550 support.
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