Ethereum price analysis: Ethereum movies lower after retesting $2,200, further downside today?
The market has given a thumbs down to Ethereum, with the price retesting $2,200, but it has since recovered. The support area around $1,700 is a good spot for traders to wait for the market to turn.
Ethereum movies lower after retesting $2,200, further downside today? The price of Ethereum is down 5% today, as we come up to the start of the weekend, with the market making new lows, only to rebound at bit on Monday. The market fell back to test the support levels of $2,200 and $2,100, and so far the support has held. We’re still seeing some selling pressure outside these levels, but we’re also seeing technical indicators like the Bollinger Band close the gap on the price, which is encouraging.. Read more about eth news today and let us know what you think.Summary of the situation
- ETH tests resistance at $2,200 overnight.
- ETH/USD gave up further gains
- In the future, ETH will move towards the $2,000 disk.
Ethereum’s price analysis is bearish as the market has found resistance around $2,200 and has been moving lower since early this morning. As a result, we expect ETH/USD to start falling towards the next support at $2,000.
Heatmap for crypto-currencies. Source: Coin360
Overall, the cryptocurrency market traded with small losses over the past 24 hours. Bitcoin lost 2.4 percent and Ethereum lost 2 percent. The rest of the altcoin market saw similar results, with Polkadot being one of the worst, losing 5%.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $2,090 to $2,242, indicating moderate volatility. Trading volume fell 8.2% to $23.9 billion. The company has a total market value of $246.6 billion, giving it a market dominance of 17.5%.
4-hour ETH/USD chart – ETH breaks through resistance at $2,200 overnight
On the 4-hour chart, we see the price of Ethereum moving lower today after finding resistance around $2,200 – $2,050.
4 hour ETH/USD chart. Source: TradingView
The overall trend in Ethereum price action has remained bearish in recent weeks. After repeatedly testing resistance at $2,900, ETH/USD fell more than 40% until support was found at $1,725.
After testing the $1,725 support level for the second time, the ETH price began to rise from the 26th. June up. In the days that followed, the ETH/USD moved towards resistance at $2,200, which had previously acted as solid support. From here, we can expect Ethereum to begin to decline after a few weeks of bearish momentum and attempt to make a new low.
However, support can still be found in the $1,900 to $2,000 range. This could be an area of higher lows before the end of the week. In such a scenario, ETH/USD could be on its way to another move above the $2,250 high. Ethereum will then create a much more bullish price action structure.
Ethereum Price Analysis: Supplement
Ethereum’s price analysis is bearish for the day ahead, as further gains were rejected overnight and the market retreated from some of the gains of the past few days.
In anticipation of Ethereum’s decline, check out our guides on the benefits of DeFi, bitcoin costs and what to buy with bitcoin.
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