Ethereum price analysis: Ethereum moves lower again, support at $1,725 to be tested again

  • 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.

Ethereum price analysis: Ethereum moves lower again, support at $1,725 to be tested again  1
Cryptocurrency heat map. Source: Coin360

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.

Ethereum price analysis: Ethereum moves lower again, support at $1,725 to be tested again
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for further Ethereum price action development, read our articles on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

News Source