Ethereum price analysis: ETH fails to reach $2,200, another spike lower today?

TL;DR Breakdown

• ETH moved higher overnight.
• Upside momentum lost around $2,175.
• Ethereum is likely to push lower again.

Ethereum price analysis is bearish for today as the market rallied overnight towards the $2,200 resistance and failed to reach further upside. Therefore, we expect ETH/USD to move lower later today and potentially test the $2,000 mark next.

The overall market trades with mixed results over the last 24 hours. Bitcoin has dropped by 0.36 percent, while Ethereum 0.79 percent. EOS is among the best performers, with a gain of 7 percent.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,105.35 – $2,172.65, indicating a moderate amount of volatility. Trading volume has remained flat and still totals $15.5 billion. Meanwhile, the total market capitalization trades around $246 billion, resulting in a market dominance of 17.59 percent.

ETH/USD 4-hour chart – ETH ready for another push lower?

On the 4-hour chart, we can see the Ethereum price preparing for another move to the downside after bulls failed to push the market above $2,200 overnight.

Ethereum has shown signs of reversal over the last days after a several-week rally was seen from the $1,725 support. Since ETH/USD only set a slightly higher high on the 7th of July, bears took over the price action momentum and pushed Ethereum price below $2,200 previous local low support.

After the $2,200 support was breached, ETH/USD started consolidating around the $2,100 mark. Overnight, another attempt to push ETH above $2,200 was seen. However, the market could not reach the $2,200 mark, and another move lower started over the past hours.

This Ethereum price action development indicates that bears are in control again, and we should see a lot more downside over the next few days with the $2,000 support as the next target. Once the $2,000 mark is reached, the market will likely set another lower high and push lower from there.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as further upside was rejected overnight, and bears have pushed ETH lower over the past hours. Therefore, we expect ETH/USD to push towards the $2,000 mark next and set further lows from there. 

While waiting for Ethereum to move lower, read our guides on the DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

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.

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-07-12/