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.
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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