After falling below $200, Ethereum (ETH) found support at $2,000 as the cryptocurrency’s price drifted downward on Saturday. At the time of writing, ETH had dropped to $1,976, according to coinmarketcap.com.
The cryptocurrency world continues to be active as we reach the end of the month and the Ethereum price continues to trade lower against the US Dollar. The price of ETH has opened the week at $120 and is currently trading at $118.07 after seeing a decline of around 2.6% over the past 24 hours.Summary of the situation
- ETH fell yesterday.
- The previous low around $2,000 is still in place.
- The market is likely to move higher over the weekend.
The Ethereum price analysis for today is bullish, as the market has made a low high in recent hours and is expected to continue rising, with bulls preparing for another push higher.
Heatmap for crypto-currencies. Source: Coin360
Overall, the market has seen mixed results over the past 24 hours. Bitcoin rose 2%, while Ethereum remained relatively flat with a 0.3% increase. Dogecoin is one of the top performers with 6.5% growth.
Ethereum price movement in the last 24 hours
ETH/USD was trading in a range of $2,051 to $2,175, indicating moderate volatility. Trading volume fell 3.6% to $21.9 billion. The total market capitalization is approximately $250.7 billion, representing a market dominance of 18%.
ETH/USD 4-hour chart – ETH made a high low of
On the 4-hour chart, we can see that the price of Ethereum has fallen in recent days, only to reach a higher level and start rising again.
ETH/USD 4 hour chart. Source: TradingView
If we look at the price of Ethereum in recent weeks, we can see that the market is still trading in a strong bearish dynamic. After testing the previous low of $1.725, the ETH/USD returned to its previous low on the 26th. June again and went on from there.
The first higher top was around $2,300, with further attempts to rise earlier this week. Since only a slightly higher low was reached, one can assume that ETH/USD lost its momentum.
Yesterday’s sharp decline almost tested the $2,000 level, which also suggests that the bulls are running wild. However, given the price action over the past 24 hours, we can expect Ethereum to move higher today and try to establish a new swing from this point.
If a lower top is reached, we can expect bearish momentum to strengthen over the course of the month.
Ethereum Price Analysis: Supplement
Ethereum price analysis for today is bullish as a higher low has been reached in the last few hours and we can expect ETH/USD to move higher from here. As a result, a new higher high could be reached next week, with the next target at $2,600.
In anticipation of Ethereum’s upward movement, check out our guides on the benefits of DeFi, bitcoin costs, and what to buy with bitcoins.
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