Ethereum price analysis is bearish today as we have seen further decline leading below the $1,050 support. Since this mark was broken without much hesitation, we expect ETH/USD to spike even lower and break past the $1,000 next major support by the end of the day.
Cryptocurrency heat map. Source: Coin360
The market has traded towards further lows over the past 24 hours. The leader, Bitcoin, lost 4.71 percent, while Ethereum 8.38 percent. Meanwhile, the rest of the top altcoins have seen even further decline.
Ethereum price movement in the last 24 hours: Ethereum fails to recover, continues lower
ETH/USD traded in a range of $1,017.07 to $1,121.57, indicating substantial volatility over the last 24 hours. Trading volume has increased by 10.89 percent, totaling $16.3 billion, while the total market cap trades around $123.5 billion, resulting in a dominance of 14.49 percent.
ETH/USD 4-hour chart: ETH looks to spike even lower?
On the 4-hour chart, we can see strong selling pressure over the last hours leading below the $1,050 mark. Likely, selling pressure will continue later in the day, leading ETH/USD to break the $1,000 major price mark.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action saw a steady reversal last week from the $1,250 resistance. The first push lower was seen on Tuesday, as ETH/USD broke past the $1,175 local support.
From there, ETH declined by over 13 percent and broke past the previous local low support at $1,050. Since then, further downside has been tested as Ethereum price approaches the $1,000 mark.
Given the current momentum, a break lower should follow later in the day. Further, ETH/USD will likely move to test the $900 previous swing low, which, when broken, would open up the way for a lot more downside in July.
Overall, Ethereum has seen very strong decline in June. Considering the latest price action development, we expect that further downside will be tested early in July, with the first major target below the current major support seen at the $800 major price mark.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen further decline over the past days leading to another lower local low set below $1,050 previous support. Since selling pressure is still strong, we expect ETH/USD to drop even lower and move below the $1,000 support. Once that is done, an active push towards the current several-week low at $900 will likely be in place.