The cryptocurrency markets have experienced a surge in price recently, as the demand for digital currency continues to grow. One of the largest cryptocurrencies, Ethereum, is currently at $1,725, preparing for a further downside today. Ethereum price has been on a strong uptrend since early April, and its price has surged by more than 40% from its April 2018 lows.
It’s peak season for crypto investors when the price of Ethereum is on the rise. Investors are getting excited about the scalability of the Ethereum Network, which had a substantial update earlier this month. We’re seeing a lot of new investment money flowing into the cryptocurrency space recently, since the price of Ethereum has been on a constant rise since January.
A lot of people are anticipating Ethereum to continue its upward trend, probably to the $1,700s. There are some who are skeptical of this, and believe the price will end up dropping to the $1,600s. While this might not be a bad price tag for many investors, it does not seem to be that great for miners. Since Ethereum miners are allocating significant amounts of power to the network, they could see their power costs rise. The price of this energy is a significant part of the expense they face, and so they may end up cutting back on their power usage if the price rises too much.. Read more about eth news today and let us know what you think.Summary of the situation
- ETH dropped overnight.
- Support around $1,725 was again tested.
- The next support is at $1,550.
Ethereum’s price analysis is bearish for the next 24 hours, as the market experienced a sharp decline overnight and hit previous support at $1,725. Therefore, we can expect ETH/USD to move lower over the weekend and reach the next support at $1,550.
Heatmap for crypto-currencies. Source: Coin360
The market as a whole has fallen over the past 24 hours. Bitcoin lost 11.7 percent and Ethereum lost 11 percent. The rest of the altcoin market follows this trend with similar losses of 10-12%.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $1,719 to $1,946, indicating high volatility over the past 24 hours. Trade volume was $22.3 billion, up 13.8%. Meanwhile, the total market capitalization is about $201.5 billion, representing a market dominance of 16.24%.
ETH/USD chart on 4-hour basis – ETH is about to break through the previous low of $1.725
On the 4-hour chart, we can see that the price of Ethereum continues to fall overnight as the bears try to make a low and the next support at $1,550.
4 hour ETH/USD chart. Source: TradingView
Overall, the market has been trading in a bearish price pattern in recent weeks, with bears continuing to search for lower lows after the market failed to break through the $2,900 resistance level earlier this month.
As we saw earlier this week, Ethereum prices briefly held on to the previous support level of $2,200, but after more than 24 hours of consolidation, bears pushed the market lower, and after retesting the $2,200 support level as resistance, ETH/USD fell sharply again.
First, the ETH/USD rate jumped on the 22nd. June at $1,725. A further reduction was therefore quickly ruled out. However, after a small spike and consolidation in the $2,000 area, Ethereum began to decline again and approached the $1,725 support level again in the last few hours.
Therefore, we can expect further declines over the course of the day as the bears target the next support at $1,550. In such a scenario, the price action structure of the ETH/USD will become even more bearish, meaning that a much larger decline could be seen in the coming weeks.
Ethereum Price Analysis: Supplement
Ethereum price analysis for today is bearish as the market continues to move lower today after starting a sharp decline yesterday. Such a change in price dynamics should lead ETH/USD to a further decline over the weekend, and the next support target will be $1,550.
In anticipation of another drop in Ethereum, check out our latest guides on what DeFi is, bitcoin commissions and what you can buy with bitcoin.
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