Ethereum price analysis is bearish today as we have seen failure to reach further upside and lower high set at $2,100. Therefore, ETH/USD has headed lower again, likely to break the $2,000 local support and set another major wave lower.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.87 percent, while Ethereum lost 5.31 percent as further retracement was not possible. The rest of the top altcoins have seen even further drop, signaling another wave lower for the whole market.
Ethereum price movement in the last 24 hours: Ethereum consolidates above $2,000
ETH/USD traded in a range of $1,986.99 to $2,103.41, indicating a moderate amount of market movement during the last 24 hours. Trading volume has declined by 4.56 percent, totaling $17.88 billion, while the total market cap trades at around $240.84 billion, resulting in a dominance of 19.14 percent.
ETH/USD 4-hour chart: ETH ready to drop again?
On the 4-hour chart, we can see the Ethereum price action breaking past the $2,000 support, likely leading to another major downswing later in the week.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen steady retracement over the past days as the market bounced from the $1,700 current swing low on 12 May 2022. Around 25 percent were regained, and a strong lower high set before signs of selling pressure reappeared yesterday.
Since ETH/USD failed to recover further and a lower high was set at $2,100 yesterday, we expect more downside to follow soon. Therefore, the $2,000 mark should be soon broken and a lower local low set.
From there, the Ethereum price will likely move towards the $1,700 major support and potentially set further monthly lows. However, if support can be found above it, a much more substantial reversal could soon take place.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bearish today as we have seen a slightly lower high set and the $2,000 mark getting broken over the last hours. Likely ETH/USD will break down overnight, opening the way for another major wave lower later in the week.
While waiting for Ethereum to move further, see our articles on how to buy BTT, Elongate, and CRO coins.
