- ETH made a slight retracement overnight.
- Further downside was seen earlier today.
- Market prepares to push towards the next support at $1,25.
Ethereum price analysis is bearish for the remainder of today as bears pushed below the $1,900 minor support and currently moves towards the next support at $1,725.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 5.5 percent, while Ethereum 6 percent. The rest of the altcoin market has seen even more substantial loss, with Dogecoin (DOGE) being among the worst performers, with a loss of 18.6 percent.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $1,847 – $2,022, indicating a moderate amount of volatility. Trading volume has increased by 5.7 percent and totals $30.6 billion. The total market capitalization stands at $215 billion, resulting in market dominance of 17.54 percent.
ETH/USD 4-hour chart – ETH moves lower after a pause
On the 4-hour chart, we can see the Ethereum price action moving lower over the past hours again after some reaction around the $1,900 support overnight.
The overall market continues to trade in a bearish momentum as another retracement from the previous local swing high at $2,600 was seen over the past days. This was seen after several tests of the $2,900 resistance and several higher lows that indicated bulls taking over control.
However, on the 8th of June, Ethereum price failed to move above the $2,600 mark after another retest of $2,200 support. This resulted in a clear lower high set and sent a signal to bears that the market is ready to move lower.
Yesterday, Ethereum broke below the $2,000 mark and moved lower from there. Overnight the next minor support at $1,900 was reached, after which a slight move higher retested the $2,000 mark as a resistance.
From there, ETH/USD pushed lower again, indicating that we should see the market move towards $1,725 support over the next 24 hours.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish as the market prepares to push away from the $1,900 mark after breaking below it overnight. Therefore, we expect ETH/USD to move towards the next support at the $1,725 mark later today.
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