Ethereum price analysis: ETH spikes above $2,200 again, lower high to be set?

TL;DR Breakdown

• ETH moved higher overnight.
• Market has approached previous high around $2,300.
• Bitcoin likely to reverse lower again

Ethereum price analysis is bearish for today as a lower high will likely be set over the next hours, and ETH will make another push lower from there. Therefore, we expect ETH/USD to move to the $1,900 support over the next few days.

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 4 percent, while Ethereum 8 percent. The rest of the altcoin market follows this trend of bullish results.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,033 – $2,231, indicating a moderate amount of volatility. Trading volume has decreased by 30 percent and totals $18.6 billion. The total market capitalization stands around $259.2 billion, resulting in market dominance of 18.1 percent.

ETH/USD 4-hour chart – ETH moves back above $2,200

On the 4-hour chart, we can see the Ethereum price action looking to retest the $ $2,300 previous swing high.

The overall market trades with a strong bearish momentum over the past weeks. After testing the $2,900 resistance several times in June, ETH/USD started moving lower over the following weeks until the $1,725 previous major support was reached.

After retesting the $1,725 mark for the second time on the $26th of June, Ethereum rallied much higher and reached the $2,300 previous support, which now acts as a resistance. This means that the Ethereum price is currently in an area where the market wants to reverse back to the downside again.

Overnight, ETH/USD made a sharp rally higher after retracing to the $2,000 support, where a slightly lower high likely be set. The lower high would indicate that the market wants to retrace further over the next few days and reach the next support at $1,900.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish for today as the market looks to set a slightly lower high and move lower from there over the next 24 hours. Therefore, we can assume that ETH/USD will head towards the $1,900 support next.

While waiting for Ethereum to move lower again, read our guides on Bitcoin fees, what is DeFi, as well as what you can buy with Bitcoin.

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.

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-07-03/