Ethereum price analysis: Ethereum spikes to $1,725, prepares for a further downside today?

TL;DR Breakdown

• ETH moved lower overnight.
• Support around $1,725 tested again.
• Next support at $1,550.

Ethereum price analysis is bearish for the next 24 hours as the market saw a strong decline overnight and the previous support at $1,725 war reached. Therefore, we can expect ETH/USD to move lower over the weekend and reach the next support at $1,550.

The overall market has declined over the last 24 hours. Bitcoin has lost 11.7 percent, while Ethereum 11. The rest of the altcoin market follows this price action development with a similar 10-12 percent loss.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $1,719 – $1,946, indicating strong volatility over the last 24 hours. The trading volume stands at $22.3 billion, which is up by 13.8 percent. Meanwhile, the total market cap trades around  $201.5 billion, resulting in market dominance of 16.24 percent.

ETH/USD 4-hour chart – ETH ready to break $1,725 previous low

On the 4-hour chart, we can see the Ethereum price continuing to decline overnight as bears want to set a lower low and reach the next support at $1,550.

The overall market trades with a bearish price action structure over the past weeks as bears continue looking for lower lows after the market failed to break above the $2,900 resistance earlier this month.

As we saw earlier this week, the Ethereum price briefly held the $2,200 previous support level, however, after more than 24 hours of consolidation, bears pushed the market lower, and, after a retest of the $2,200 support as a resistance, ETH/USD saw another strong push lower.

ETH/USD spiked to $1,725 initially on the 22nd of June. From there, the further downside was quickly rejected. However, after a slight upside and consolidation around the $2,000 price area, Ethereum moved lower again and approached the $1,725 support once again over the past hours.

Therefore, we can assume that further downside will be seen later today and bears will target the next support at $1,550. In this scenario, the ETH/USD price action structure will become even more bearish, meaning that a lot more downside could be seen over the next weeks.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish for today as the market continued to move lower earlier today after a strong decline was initiated yesterday. This price action development should lead ETH/USD towards further downside over the weekend, with the $1,550 mark as the next support target.

While waiting for Ethereum to decline further, read our latest guides on what is DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.

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Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-06-26/