The latest cryptocurrency news has been dominated by Ethereum, which hit a new all-time high today, but it wasn’t the only one. Bitcoin also had a good day, as the entire crypto market enjoyed a major boost in value.
Yesterday Ethereum’s Ether coin surged by over 5% as support levels held in spite of a small sell-off. Today, Ethereum has reached a new all-time high, but failed to break the $2,200 barrier, and more importantly has failed to decisively escape the $2,000 area. Meanwhile, the Bitcoin price has also risen and is currently trading at $14,121, which is still up 4-5% since yesterday. The Ethereum/Bitcoin ratio is now at 0.302. This is a level we have seen before last week’s peak, and it is a level we have also seen before the beginning of the current Ethereum price decline.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.
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.
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