The latest crypto market news has been on a roller coaster ride of ups and downs but ether definitely is moving in the right direction as the previous weeks up and down trend has definitely been over. The markets are slowly recovering and ether is followed closely. As you can see from the chart below, the price took a sudden drop to $1,743 yesterday but the price managed to handle the correction. Although the drop was drastic, the price recovered and managed to hold at the $1,824 level. The markets are slightly on the up and the price is slowly but surely moving higher.
The cryptocurrency market has been in freefall over the last week, as the majority of the altcoins have seen their values plummet. But, as the market calms down, there are a few that are starting to see some very promising signs. One of these currencies is Ethereum, which was the second largest altcoin in the market last week, and has seen its price soar from the $1,900 range, to over $2,600 today. This sudden spike in the price of Ethereum has led to some new optimism, as the rest of the altcoin market (which includes all the major cryptocurrencies) has started to plummet at the same time. This is due to the fact that Bitcoin and the rest of the altcoin market is getting close
Ethereum price has been in a downtrend over the past few days, despite the lackluster performance of the crypto market overall. Based on the current market conditions, it seems like the crypto market is in the middle of a corrective period. If the market begins to recover, these declines could be a sign of a bigger trend for Ethereum price growth.. Read more about eth news today and let us know what you think.Summary of the situation
- Last night, ETH tested the $1,900 level.
- The market is gearing up for a rally.
- The next target is $2,200.
The Ethereum price analysis for today is bullish as the market prepares for an upward rally after retesting the $1900 price level as support. Therefore, we expect ETH/USD to move towards the $2,200 resistance in the coming days.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has seen mixed results over the past 24 hours. Bitcoin lost 0.79 percent and Ethereum lost 2.17 percent. Cardano (ADA) is among the top performers, up 6.6%.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $1,887 to $2,037, indicating moderate volatility. Trading volume fell 37.3% to $21.2 billion. The company has a total market value of $228.7 billion, giving it a market dominance of 16.74%.
ETH/USD 4-hour chart – Is the ETH preparing for an upward bounce?
On the 4-hour chart we can see that the Ethereum price is preparing a base from which it will rise today.
ETH/USD 4-hour chart. Source: TradingView
The overall trend in Ethereum price action remains bearish, with the market retreating from its last major high of $2,900 in recent weeks. After testing the $2,900 resistance multiple times, ETH/USD has returned to the $2,200 support zone.
However, after the EPF at 14. After the price failed to break the $2,600 mark in June, it fell sharply and again tested the previous major low at $1,725. From there, a sharp divergence was seen, after which the market began to turn.
The first sign of a reversal was seen yesterday, when the ETH broke through the $1,900 level again. After a slight pullback overnight to the $1,900 level, a higher local bottom was established. Therefore, we can expect the Ethereum price to rise in the coming days and try to retest the previous major support level of $2,200, which is now likely to act as resistance.
If ETH/USD can break through the $2,200 resistance level, we can expect another rise in the next few days, and the next time the $2,600 resistance level will be broken.
Ethereum Price Analysis: Supplement
Ethereum’s price analysis is bullish, as we saw a slight rise yesterday and a higher low around the $1900 mark. This should take ETH/USD to new highs in the next 24 hours, with the next target at $2,200.
In anticipation of Ethereum’s price rise, read our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
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