Ethereum price analysis: Ethereum breaks below ascending support, further downside to $2,500 today?

TL;DR Breakdown

• ETH fails to move higher.
• Another push lower overnight.
• Minor support at $2,600 still holds.

Ethereum price analysis indicates bearish momentum to be seen over the next 24 hours. After another failed attempt to move higher, ETH/USD started moving lower again yesterday and found support at the $2,600 mark. Therefore, we expect another move lower over the next 24 hours with the first support around $2,500.

The overall market trades with mixed results over the last 24 hours. Bitcoin remains relatively flat, while Ethereum is up by 2 percent. Rest fo the altcoin market follows this pattern of either slight loss or gain.

ETH/USD opened at $2,629 after a bearish close yesterday. Since then the market has made another minor move to the upside and looks to set a lower local high. Therefore, we can expect another push lower over the next 24 hours.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $2,558 – $2,743, indicating a moderate amount of volatility. Trading volume has remained relatively flat over the last 24 hours and totals $29.8 billion. Meanwhile, the total market cap trades at $313.2 billion, resulting in a market dominance of 19.15 percent. 

ETH/USD 4-hour chart – another move lower incoming?

On the 4-hour chart, we can see ETH/USD setting another lower high and preparing to push to the downside again.

The overall Ethereum pricer action structure indicates a slowdown in momentum over the past days. After a retracement of over 60 percent last month, Ethereum found support at the $1,725 mark and started moving higher over the following days, indicating that bears are exhausted and we can expect reversal.

Last week, ETH/USD retraced and set a higher low at the $2,200 mark, further indicating that bulls are taking over. However, after several days of bullish momentum, Ethereum found resistance around the $2,900 resistance again. 

From there, the market set a lower local high yesterday and broke below the several day ascending support trendline. Therefore, we expect ETH/USD to move lower next week and look to establish another higher low.

Likely we will see the $2,500 support broken first as it is relatively close to the current price action. This would be a very bearish sign overall, although, as long as further downside below the $2,200 support is not seen we should remain bullish for the next week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish as ther market currently looks to set another lower local high, indicating a bearish momentum over the past few days. Therefore, we expect ETH/USD to target the $2,500 support next.

While waiting for further Ethereum price action development, read our guides on how to buy Cardano, Mine Zcash, and how many Bitcoins are left to mine. 

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.

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-06-06/