Ethereum Price Analysis: ETH slowly tests $1,850 again, breakout today?

TL;DR Breakdown

• ETH retested $2,000 resistance yesterday.
• Further downside was seen overnight.
• $1,850 support currently holds Ethereum from further downside.

Ethereum price analysis indicates bearish price action sentiment for the next 24 hours as the market moved lower overnight after retesting the $2,000 resistance. Therefore, we should see ETH/USD break lower later today and reach the next support at $1,725.

The overall market trades with a slight loss over the last 24 hours. Bitcoin is down by 1 percent, while Ethereum is around 4.6 percent. Meanwhile, Dogecoin (DOGE) is among the worst performers with a loss of more than 7 percent.

Ethereum price movement in the last 24 hours: Ethereum moves to tests $1,850 support again

ETH/USD traded in a range of $$1,867.72 – $1,971.74, indicating a moderate amount of volatility over the last 24 hours. Trading volume has slightly declined by 7.65 percent and totals $12.98 billion. Meanwhile, the total market capitalization stands around $219.66 billion, resulting in market dominance of 17.15 percent.

ETH/USD 4-hour chart: ETH ready to breach $1,850?

On the 4-hour chart, we can see the Ethereum price moving away from the $2,000 lower low as bears prepare for another move lower.

Ethereum price action structure trades with a strong bearish momentum over the past week. After ETH/USD rallied for several weeks from the $1,725 previous major swing low, the market gained more than 40 percent and established a major swing high around $2,400.

From there Ethereum spiked lower and consolidated around $2,100 for several days. ETH/USD could not reverse back to the upside and another sharp wave lower was seen to the $1,850 mark. Since then ETH has traded above the $1,850 support, with two clear lower highs set around $2,000.

Overall, this means that ETH/USD currently build up a base from which to attempt another move lower later this week below the $1,850 support. Once the $1,850 support breaks, we can expect further downside later this week, with the $1,725 mark targeted next.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish for today as the market set a lower high around $2,000 yesterday and bears have moved the market towards the next support at $1,850. Therefore, we expect ETH/USD to breach the $1,850 later today and start its way towards the next major support around $1,725 next. 

While waiting for Ethereum to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what can you 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-2021-07-19/