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Ethereum price analysis: ETH fails to break $1,700, another swift drop next?

Ethereum Price analysis 2022 07 23
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD saw upside rejected yesterday.
  • A retest of $1,600 was seen over the past hours.

Ethereum price analysis is bearish today as we have seen failure to break higher and local lower high set at $1,600. Therefore, we expect ETH/USD to push lower once again later today and target the $1,400 next support.

Ethereum price analysis: ETH fails to break $1,700, another swift drop next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded mostly in the red over the last 24 hours. The leader, Bitcoin, lost 4 percent, while Ethereum lost 5.34 percent. Meanwhile, the rest of the altcoins have traded with even more substantial losses. 

Ethereum price movement in the last 24 hours: Ethereum looks to pivot below $1,600

ETH/USD traded between $1,523.64 to $1,639.11, indicating substantial volatility over the last 24 hours. Trading volume has declined by 16.95 percent, totaling $16.94 billion, while the total market cap trades around $187.3 billion, resulting in a dominance of 18.21.

ETH/USD 4-hour chart: ETH set for a push lower?

On the 4-hour chart, we can see bearish momentum returning over the past hours as a lower local high was set at $1,600.

Ethereum price analysis: ETH fails to break higher, another swift drop next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum has seen a strong upsurge finally come to an end after the $1,600 mark was reached on Tuesday. After another attempt to push higher, bulls were rejected again a day later, indicating that a shift in momentum was about to follow.

Another clear higher low was set during the middle of the week at $1,480, opening the opportunity for another test of upside. A slightly higher high was indeed reached yesterday as the $1,640 was briefly reached.

However, not much further upside followed, sending Ethereum price back below previous resistance at $1,600. Since then, the resistance has been retested again with another local lower high set. This indicates that ETH/USD is about to drop even further, opening the room for a lot more downside next week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish as we have seen not much further upside reached yesterday, leading to a reaction lower and a lower local high set at $1,600 over the past hours. Therefore, another bearish setup has been created, likely leading ETH/USD to push to $1,400 later in the weekend.

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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