logo

Ethereum price analysis: ETH fails to retrace, consolidates around $1,050

Ethereum Price analysis 2022 07 02
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD continued to reject upside yesterday.
  • Push lower likely to follow later.

Ethereum price analysis is bearish today as we have seen failure to retrace further return below the $1,050 support. Therefore, ETH/USD is likely to continue even lower and break past the $1,000 support over the next days. Once that is done, we expect ETH/USD to target the $900 next major support.

Ethereum price analysis: ETH fails to retrace, consolidates around $1,050 1
Cryptocurrency heat map. Source: Coin360

The market has traded with low volatility over the last 24 hours. The leader, Bitcoin, lost 0.35 percent, while Ethereum 0.15 percent. Meanwhile, the rest of the market followed close by with similar results.

Ethereum price movement in the last 24 hours: Ethereum rejects upside, ready to drop further?

ETH/USD traded in a range of $1,033.96 to $1,084.50, indicating mild volatility. Trading volume has declined by 30.29 percent, totaling $13 billion, while the total market cap trades around $126.77 billion, resulting in a dominance of 14.64 percent.

ETH/USD 4-hour chart: ETH ready to break past $1000?

On the 4-hour chart, we can see bearish momentum taking over again as the upside was rejected overnight again. Likely the current move past the $1,050 mark will be a catalyst for more downside to come later this weekend.

Ethereum price analysis: ETH fails to retrace, consolidates around $1,050
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong decline over the course of the week. From the $1,280 high, ETH/USD declined by over 21 percent to the $1,000 support, meaning that the previous local low was clearly broken.

Therefore, the market sentiment has turned bearish again. After a quick retrace to $1,120, rejection for further upside was seen yesterday. From there, ETH moved into consolidation at around $1,050.

Another quick test of upside followed overnight, with another rejection for upside immediately. Ethereum price moved even lower later, indicating that bearish pressure is building up once again. 

Overall, this price action development indicates that more downside is to come over the weekend. The first local support to break is the current swing low at $1,000. From there, ETH/USD should move towards the $900 mark.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen further rejections for recovery and consolidation over the last 24 hours. Likely ETH/USD will soon continue even lower and look to break past the $1,000 support, which would open up the way for more downside next week.

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.

Related News

Hot Stories

BitMEX executive pleads guilty in court
Incredibly Strong Crypto Buy Signals For Gnox (GNOX), Solana (SOL), And Bitcoin (BTC)
Everdome Secures US$10 million Investment Commitment from GEM Digital Limited
Chainlink price analysis: Bullish trend escalates LINK prices above $8.56 level
WIN NFT HERO to Bring Engaging Gaming Experience with New Features and Rewards

Follow Us

Industry News

BitMEX executive pleads guilty in court
Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea
Elon Musk drags Twitter to court for fraud