Bitcoin has seen a few major correction over the last few days, but ether is still trading above $2,200. Today is slowly consolidating, the $2,200 support has been tested several times but has held. It’s not clear whether this is the start of another major correction or whether this just represents a retest. We’ll see.
As I’ve been writing and posting for a while now, my readers expect a lot of content on Bitcoin and Ethereum related news and analysis.
Summary of the situation- ETH peaked yesterday and broke the $2,200 mark.
- The market has moved sideways in the last few hours.
- A new attempt to go higher is expected.
Ethereum’s price analysis for today is bullish, as the market hit a low yesterday and is headed for a test of previous support at $2,200. Therefore, we can expect the ETH/USD to bounce higher in the next 24 hours, only to fall back further.
4 hours ETH/USD chart. Source: TradingView
The Ethereum price is still trying to recover some of its June losses after hitting support at $1,725. Then the price of ETH/USD rose again and reached $2,400 in the following weeks.
However, with a slightly lower high, it is safe to assume that Ethereum has lost its momentum and further declines can be expected in the coming weeks. Yesterday we saw ETH/USD set a higher low around $2,100, which will likely lead to another push higher in the coming days.
Since the previous high was only slightly higher, we could see a lower high and see Ethereum go down from there. Most likely, ETH/USD will encounter resistance around the $2,300 level and turn lower from there.
In this case, the next major downside target is around the $2,000 mark, and if that is reached, Ethereum will likely be sent into an even deeper decline later this month.
Ethereum Price Analysis: Supplement
Ethereum’s price analysis is bullish today, as the market tries to make up some of the losses of the past few days. The next resistance target is around $2,300 and could serve as an area to set a lower high, now that the multi-day bullish momentum has turned downward again.
In anticipation of Ethereum’s rise, read our guides on betting on Cardano, how to cash in bitcoin and how to buy bitcoin stocks.
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