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Ethereum price analysis: ETH swiftly drops below $1,600, targets $1,500 next?

Ethereum Price analysis 2022 08 02
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD continued to retrace yesterday.
  • Next support at $1,600 broken overnight.

Ethereum price analysis is bearish today as we have seen a strong retrace over the past days, and the next support at $1,600 broken overnight. Therefore, ETH/USD is ready to push even lower and target the $1,500 next support.

Ethereum price analysis: ETH swiftly drops below $1,600, targets $1,500 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 1.89 percent, while Ethereum a more substantial 5.5 percent. Meanwhile, the rest of the top altcoins traded between the two majors.

Ethereum price movement in the last 24 hours: Ethereum fails to find support at $1,600

ETH/USD traded between $1,567.85 to $1,685.59, indicating substantial volatility over the last 24 hours. Trading volume has increased by 21.77 percent, totaling $18.49 billion, while the total market cap trades around $191.7 billion, resulting in a dominance of 18.24 percent.

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ETH/USD 4-hour chart: ETH targets $1,500 next?

The 4-hour chart shows a slight retest of $1,600 previous support as resistance over the past hours, indicating that Dogecoin price is ready to decline further over the next 24 hours.

Ethereum price analysis: ETH drops below $1,600, targets $1,500 next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw another strong higher high set last week as another spike higher was seen to $1,800. After a brief reaction lower, ETH/USD moved into consolidation around $1,700, indicating that bears are slowly taking over control.

A clear break past the support was seen early yesterday, with further downside seen throughout the day. Overnight, ETH sellers had already reached the $1,600 previous resistance, which now acted as support, potentially indicating a reversal.

However, not much support was offered as Ethereum price action spiked past the support and set a new local low at $1,568. Since then, ETH/USD has consolidated below $1,600 as sellers take a pause before another push lower.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen further decline with strong momentum over the last 24 hours. Additionally, the $1,600 support did not hold for long, indicating that sellers are ready to push ETH/USD even further over the next few days.

While waiting for Ethereum to move further, see our articles on how to buy Litecoin, Filecoin, and Polkadot.

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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