ETH Price Analysis: ETH reached $2,200 overnight, bears ready to take over?
2 min readTL;DR Breakdown
- ETH continued to rally yesterday.
- Resistance found around $2,200.
- Market set to reverse today.
ETH price analysis indicates bearish momentum to follow later today as the market has reached a $2,200 resistance level and rejected further upside overnight. Therefore, we expect ETH/USD to decline over the next few days and try to retest previous lows.
The cryptocurrency market trades with mixed results over the last 24 hours after a strong rally was seen yesterday. BTC is up by 1.22 percent, while ETH has declined by around 0.56 percent. Polkadot (DOT) is among the worst performers, with a loss of 5.11 percent.
ETH price movement in the last 24 hours: ETH spikes towards $2,200
ETH/USD traded in a range of $2,133.61 – $2,197.65, indicating mild volatility over the last 24 hours. Trading volume has remained flat and totals $15.5 billion, while the total market capitalization stands around 250.45 billion, resulting in market dominance of 18.34 percent.
ETH/USD 4-hour chart: ETH prepares to decline?
On the 4-hour chart, we can see the ETH price establishing a consolidation below the $2,200 resistance as bears look to take over next week.
ETH price has continued to decline over the past weeks after ETH reached $1,725 support at the end of June and recovered almost 40 percent over the following weeks. A new swing lower high was set around $2,400 and retested with a strong rejection on the 8th of July.
This price action development resulted in another retest of the $1,725 support on the 20th of July. From there, ETH/USD started to rally and quickly gained more than 25 percent to the $2,200 resistance.
Overnight, ETH price consolidated as bulls could not push the market any higher. Therefore, we can assume that bulls are exhausted and ETH/USD is set to decline early next week.
The first obvious target is located at the $1,725 major support, which, if broken, would lead ETH towards a lot more downside over the next weeks. Alternatively, if a higher low can be established above $1,725 support, we could see ETH start to trade towards setting a new medium-term higher high and finally resume moving towards new all-time highs.
ETH Price Analysis: Conclusion
ETH price analysis indicates bearish momentum to be seen over the next 24 hours as bears look to reverse ETH/USD after a more than 25 percent rally over the past weeks. Therefore, we expect ETH/USD to start trading lower over the next week and try to test previous support levels.
While waiting for ETH to decline, read our guides on BTC fees, what can you buy with BTC, as well as DeFi advantages.
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.
