Ethereum price analysis: Ethereum spikes to $2,000, further downside this week?

TL;DR Breakdown

• ETH retested resistance at $2,200 overnight.
• Ethereum spiked lower over the past hours.
• Next support around $1,900.

Ethereum price analysis is bearish as the market spiked lower over the past hours and moved away from the $2,200 resistance once more. Therefore, bears are still in control and we can expect ETH/USD to move lower over the next 24 hours.

The overall market trades in the red over the past 24 hours. Bitcoin has lost 6.7 percent, while Ethereum 7.59 percent. The rest of the altcoin market follows this pattern of bearish results.

Ethereum price movement in the last 24 hours

ETH/USD traded in a range of $1,989 – $2,275, indicating a good amount of volatility over the last 24 hours. Trading volume has spiked by 49.5 percent and totals $26.9 billion. The total market cap trades around $234 billion, resulting in market dominance of 17 percent.

ETH/USD 4-hour chart – ETH spikes to $2,000

On the 4-hour chart, we can see the Ethereum price moving lower over the last hours after another retest of the $2,200 mark, indicating that bears are still in control.

ETH/USD 15-minute chart

Looking closer at the Ethereum price action over the past hours, we can see that the market currently has established a local consolidation. This should lead ETH/USD towards a move higher later today, likely to the $2,200 resistance. From there, we expect Ethereum to push lower again to the next support around $1,900.

The overall market price action is still bearish over the past weeks as the Ethereum price action continues to retrace from the $2,900 resistance. After first reaching it at the end of May, ETH/USD started to move lower until the $2,200 support.

However, the $2,200 support broke on the 18trh of June, indicating that further downside will be seen over the next few days. This indeed was true as ETH/USD spiked lower to the $2,050 mark first and, after a retracement, yesterday, spiked lower again overnight.

This price action development has led Ethereum towards a move below the $2,000 support, which means that further downside to the previous major low around $1,725 is expected over the next days.

Before the 1,725 marks can be reached, there is still minor support around $1,900. Therefore, for now, the best option is to wait for a slight retracement before Ethereum moves further.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish for the rest of the day as we can expect the market to continue lower over the next 24 hours after some retracement higher over the next hours. This should lead Ethereum towards the next support at $1,900.

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

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-2021-06-21/