Ethereum set what is now a lower low at $73.66 on June 12, before breaking down to retest the lower low at $67.04 on June 16. The downturn since then has been rapid, but we believe it has been overdone. Specifically, we believe that the current downtrend is actually a sector rotation. Earlier, we had argued that the Ethereum price, which has been falling steadily since September 2017, was due for a sector rotation. We expected the price to bounce off the lower low then make a sector rotation to the downside. The price of Ethereum is now almost back to our $65.90 price prediction from March where it will make a lower low.
Ethereum has been trading around the bottom of a triangle pattern for the past couple of days, which is a bearish continuation pattern. In fact, this is the third leg down in a row. Ethereum is currently trading below the lower channel line which is a clear indication of a reversal. This reverse is likely to be failed, but it is a start of a longer pullback that could lead Ethereum to test the upper trendline.. Read more about ethereum price prediction news and let us know what you think.Summary of the situation
- ETH dropped overnight.
- Support at $2,200 has not yet been reached.
- Ethereum is poised for a turnaround.
The Ethereum price analysis for today is bullish, as the market hit a slightly lower low last night and is now gearing up to recover some of its losses. Therefore, we can expect the ETH/USD price to rise in the next 24 hours. Crypto-currency heat map. Source: Coin360 The general market has moved into negative territory over the past 24 hours. Bitcoin is down 7% and Ethereum is down 6%. Other market participants follow suit with similar or worse results.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $2,265 to $2,484, indicating moderate volatility. Trading volume fell 5.6% to $25.3 billion. Meanwhile, the company has a total market value of $268 billion, representing a market dominance of 18%.
ETH/USD 4 Hour Charts – ETH fell overnight
On the 4-hour chart, we see that the Ethereum price formed a slight bottom overnight, as the bulls prepare to take the market back to growth. 4 hour chart ETH/USD. Source: TradingView The market as a whole is still in a multi-week bearish price pattern. After hitting the current all-time high at $4,400, ETH/USD retreated to $1,725, where support was found and further declines were rejected. From there, ETH/USD established a clear resistance level at $2,900, which was tested several times. This means that until the resistance at $2,900 is broken, we can expect the market to trade in an increasingly narrow range. Yesterday, we saw ETH/USD go back down, as indicated in our previous price forecast. A low was reached in the early morning, after which the market began to turn around. Therefore, we can expect the Ethereum price to rise further today and try to recapture the $2,900 resistance level. Further resistance is seen around $2,500 to $2,600. If Ethereum reverses from here, we can expect a breakout of the next support at $2,200 and further losses next week.
Ethereum Price Analysis: Supplement
Ethereum’s price analysis is bullish as the bears have failed to form a solid bottom and we can expect ETH to rise in the next 24 hours. The next target is at $2,900, a break of that would be a clear signal that the bulls have taken over. In anticipation of further Ethereum price movements, read our latest guides on how to cash in bitcoin, buy bitcoin stocks and trade bitcoin. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The ETH/USD pair has just broken out of the descending channel. On the upside, the pair is now moving towards a new resistance zone at the 20-day EMA (now at $237.21) and the 100-day EMA (now at $231.39). The pair is likely to remain in the 50% Fibonacci Retracement Zone before heading back towards the $236.5 price level.. Read more about crypto price analysis today and let us know what you think.
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