- ETH moved higher yesterday.
- $2,000 resistance tested again.
- Ethereum set to trade lower again.
Ethereum price analysis indicates bearish momentum to take over later this week as the $2,000 mark was tested for the third time overnight, and further upside could not be made. Therefore, we expect ETH/USD to start declining later today and push towards the $1,725 major support again.
The overall crypto market trades with mixed results over the last 24 hours. Market leader, Bitcoin, is up by 0.83 percent, while Ethereum by 3.3 percent. Stellar (XLM) is among the best performers, with a gain of more than 10 percent.
Ethereum price movement in the last 24 hours: Ethereum rallied to $2,000 resistance again
ETH/USD traded in a range of $1,896.22 – $2,025.68, indicating substantial volatility over the last 24 hours. Trading volume has increased by 17 percent and totals $19.8 billion. The total market capitalization trades around $231.1 billion, resulting in market dominance of 17.74 percent.
ETH/USD 4-hour chart: ETH prepares for downside?
On the 4-hour chart, we can see the Ethereum price testing the $2,000 mark overnight and currently preparing to move lower once again.
The overall Ethereum price action still trades with a bearish momentum as a several-week decline led ETH towards another test of the $1,725 support. However, the $1,725 major support could not be broken, indicating that bears could be exhausted, and the several-month bearish might come to an end over the next weeks.
Since the $2,000 mark was tested with a slightly higher high, Ethereum price might be showing the first sign of reversal to come over the next weeks. However, since further upside was rejected and ETH/USD consolidated around the $2,000 resistance overnight, we can expect another strong push lower to follow over the next week.
The major price target is located around $1,725, with some additional support of around $1,850. If ETH/USD can find support or perhaps even set a higher low above the $1,725 mark, the overall price action momentum might start to reverse in a much more serious way over the next weeks.
Ethereum Price Analysis: Conclusion
Ethereum price analysis indicates bearish momentum to follow over the rest of the week as further upside could not be made above the $2,000 mark. Therefore, we expect ETH/USD to start moving towards the $1,725 previous major support level over the next 24 hours.
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