Ethereum
$ 1,163.10 3.56%
Solana
$ 36.21 6.85%
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$ 0.067615 7.29%
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$ 5.07 1.56%
Bitcoin
$ 20,302.00 3.16%
BNB
$ 232.87 0.76%

Ethereum price analysis: ETH retests $1,800 as resistance, more downside incoming?

Ethereum Price analysis 2022 06 05
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD saw a steady retrace yesterday.
  • Spike above $1,800 resistance quickly rejected.

Ethereum price analysis is bearish today as we expect the current retest of $1,800 previous support as resistance to end with another lower local high set. From there, ETH/USD should head lower and target the $1,700 major support next.

Ethereum price analysis: ETH retests $1,800 as resistance, more downside incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours as Bitcoin gained 0.16 percent. Ethereum gained a more substantial 0.98 percent, while Solana and Avalanche were the top performers from the major altcoins.

Ethereum price movement in the last 24 hours: Ethereum fails to recover above $1,800

ETH/USD traded in a range of $1,760.78 to $1,810.30, indicating mild volatility over the last 24 hours. Trading volume has declined by 21.7 percent, totaling $8 billion, while the total market cap totals $215.97 billion, resulting in market dominance of 17.63 percent.

ETH/USD 4-hour chart: ETH ready to drop further?

On the 4-hour chart, we can see rejection at the $1,800 resistance, likely as bears prepare to take over the momentum once again early next week.

Ethereum price analysis: ETH retests $1,800 as resistance, more downside incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a swift decline from the $2,000 mark over the past days. After an initial drop to $1,800, ETH/USD had lost around 10 percent.

Later in the week, consolidation followed above $1,800. The downside was rejected again on Thursday, potentially indicating that more upside is to come.

However, reversal did not follow, leading to another swift push lower, this time to the $1,750 mark on Friday. Since then, Ethereum price has slowly retraced to retest the $1,800 previous support as resistance, likely meaning that we can expect another lower local high to be set.

This price development means that further downside can be expected early next week. The next target to the downside is the $1,700 mark, and, if broken, would open up the way for a lot more bearish momentum over the rest of June.   

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a steady retrace and reaction at the $1,800 previous support. Therefore, ETH/USD should soon reverse and continue testing even further lows.

While waiting for Ethereum to move further, see our Price Prediction on WEYU, MANA, and BAX.

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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