The cryptocurrency market has been experiencing an unprecedented bull run, with prices skyrocketing almost daily. This week, it appears the market is poised to test the $2,200 mark as it climbs towards the $3,000 mark. The recent market rebound has been particularly notable; Bitcoin has risen by nearly 40% in the past week alone.
Since the start of July, the Ethereum price has been steadily rising, after a long period of a downtrend. The price recovered from initial under pressure, and started to rise as the hype around the new exciting and innovative applications of the Ethereum blockchain platform started to spread. The upward trend was sustained, and today we have reached a critical point in the Ethereum price development. As a result, Ethereum is testing the $1,900 price level, which is a level that has prevented some serious correction in the past.
Ethereum is on a tear, surging as high as $2,200 before pulling back. While this is a positive development, it’s clear that the cryptocurrency will need to test the $1,900 level before this trend can be considered sustainable.. Read more about eth news today and let us know what you think.Summary of the situation
- ETH dropped overnight.
- Yesterday there was a slight increase.
- A lower limit is set.
The Ethereum price analysis for today is bearish, as the market has started to decline in the last few hours. Therefore, we can expect ETH/USD to reach the $1,900 support level and form a new low in the next 24 hours.
Heatmap for crypto-currencies. Source: Coin360
The general market has moved into negative territory over the past 24 hours. Bitcoin and Ethereum both lost more than 5%, while Ripple (XRP) was among the worst performers with a 9% loss.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $2,120 – $2,278, indicating moderate volatility. Trading volume fell from 24.2% to 17.8%. At the same time, the total market capitalization is $246.8, representing a market dominance of 17.14%.
4-Hour ETH/USD Chart – ETH rebounds to the downside
On the 4-hour chart, we see the price of Ethereum moving away from the $2,200 support as the bears try to make a new low.
ETH/USD 4-hour chart. Source: TradingView
Overall, the market continues to trade within a very strong bearish action pattern in recent weeks. After a bounce from the $1,725 level, Ethereum quickly went down and established resistance around $2,900.
Then ETH/USD moved sideways in recent weeks, repeatedly testing the $2,900 resistance level. The last time the Bulls tried to pressure the market was on the 7th. June. ETH/USD was quickly rejected and the bears regained control of the price action.
After the price of Ethereum fell on the 14th. After breaking through the $2,600 mark for the second time in June, it has fallen again in recent days. The $2,200 level initially kept the market from falling as a small consolidation formed.
However, the price of ETH/USD has fallen again in recent hours. The $2,100 level has now been reached and a deeper decline is expected from there. This means that for now, it is best to sit on the sidelines and wait for the price of Ethereum to move further.
Ethereum Price Analysis: Supplement
Ethereum’s price analysis is bearish as the market has moved lower in recent hours after breaking the $2,200 support level. This should lead ETH/USD to form a new major low, with the next support around the $1,900 level.
While we wait for the price of Ethereum to rise, read our guides on the benefits of DeFi, commissions for Bitcoin, and what to buy with Bitcoin.
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