Ethereum prices continue to trade higher, as yesterday’s spike to $2,200 was followed by a drop. But that didn’t stop it from climbing to $2,250 again, and quite possibly higher. This is a rather volatile period, with a lot of uncertainty around its price, and it’s hard to know what the future will bring.
The Ethereum price is back in the green, rising above $2,000 once again. The long-term trend since the beginning of the month has been upwards, and at the time of writing, ETH is above the $2,200 mark for the first time since the middle of May. This is the first time we’re seeing the ETH price move above the $2,000 mark since it hit $2,200 almost a month ago.
Today, Ethereum price is in a strong uptrend against the US Dollar. It is trading higher against USD and Bitcoin. Ethereum price reached a high of $2,222 before correcting lower. It is currently trading at $2,222. Bitcoin price is also trading higher against USD and other major currencies.. Read more about eth news today and let us know what you think.
Summary of the situation- ETH is up overnight.
- The market was approaching its previous high around $2,300.
- Bitcoin may go down again
Ethereum price analysis for today is bearish, as a lower high is likely to be reached in the coming hours, after which ETH will make another push downwards. Therefore, we expect ETH/USD to move towards the $1,900 support level in the coming days.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has traded in the green for the past 24 hours. Bitcoin is up 4% and Ethereum is up 8%. The rest of the altcoin market is following this upward trend.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $2,033 to $2,231, indicating moderate volatility. Trading volume fell 30% to $18.6 billion. Total market capitalization is approximately $259.2 billion, representing a market dominance of 18.1%.
4-hour ETH/USD chart – ETH back above $2,200
On the 4-hour chart, we can see that the Ethereum price is targeting a retest of the previous high of $2,300.
4 hour ETH/USD chart. Source: TradingView
Overall, the market has been trading with strong bearish momentum in recent weeks. After repeatedly testing the $2,900 resistance in June, the ETH/USD began a downward move in the following weeks until it reached the previous key support of $1,725.
Following the announcement of Ethereum on 26. After testing the $1,725 level for the second time in June, it rose sharply and reached the previous support at $2,300, which now acts as resistance. This means that the price of Ethereum is currently in a range where the market wants to go down.
Overnight, ETH/USD rose sharply after falling back to the $2,000 support level, where a slightly lower high is likely. The lower high suggests that the market is looking to continue the pullback in the coming days and reach the next support at $1,900.
Ethereum Price Analysis: Supplement
The Ethereum price analysis for today is bearish, as the market is targeting a slightly lower high and will move down from there over the next 24 hours. Therefore, we can expect ETH/USD to continue moving towards the $1,900 support level.
In anticipation of Ethereum’s continued decline, read our guides on bitcoin commissions, what DeFi is and what you can buy with bitcoin.
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