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Ethereum price analysis: ETH slowly continues lower, will $1,100 hold?

Ethereum Price analysis 2022 06 29
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD saw further decline yesterday.
  • Support at $1,100 is currently tested.

Ethereum price analysis is bearish today as we have seen more downside reached over the last 24 hours with a steady downside momentum. Therefore, we expect ETH/USD to drop even lower and look to retrace even lower. The next obvious target is the $1,050 support, which, if broken, would lead to a lot more downside in July.

Ethereum price analysis: ETH slowly continues lower, will $1,100 hold? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.81 percent, while Ethereum a more substantial 9.17 percent. The rest of the top altcoins have followed close by, with some declining even further.

Ethereum price movement in the last 24 hours: Ethereum breaks past $1,175

ETH/USD traded in a range of $1,111.20 to $1,229.74, indicating substantial volatility over the last 24 hours. Trading volume has increased by 5.36 percent, totaling $14.58 billion, while the total market cap trades around $135.5 billion, resulting in market dominance of 15.13 percent.

ETH/USD 4-hour chart: ETH targets $1,050 next?

On the 4-hour chart, we can see the Ethereum price still testing further lows with no signs of reversal just yet. Therefore, more downside should follow to the $1,050 previous local swing low.

Ethereum price analysis: ETH slowly continues lower, will $1,100 hold?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong bullish signals over the second half of June. After the initial reaction from the last swing low at $1,050, ETH/USD retraced to $1,175, setting a strong lower high. However, further downside did not follow as the $1,050 offered strong support.

From the newly found local higher low, ETH rallied higher one more time last week. A new high was set at $1,275, indicating that the several-week bearish momentum could soon end.

On Monday, bearish momentum took over as buyers became exhausted. After some consolidation, ETH/USD set a lower local high and broke past the $1,775 local support. Late yesterday the decline continued, pushing the Ethereum price as low as the $1,100 mark.

This means that bullish momentum could soon come back. However, as long as bearish candles are seen later today, we expect further downside at the $1,050 previous low to be reached soon.

From there, much depends on how the market will react. If a break below this support follows

, we could see a lot more downside and both lower lows and highs set in July. Alternatively, if the $1,050 mark holds, ETH could move into consolidation.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a lot more retrace from the previous swing high at $1,275 so far this week. Since no signs of reversal have followed today, we expect ETH/USD to move even further and target the previous local low. In case it is broken, ETH should see a lot more downside early in July.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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