Ethereum price analysis: ETH declined yesterday, further drop below $2,200 today? The cryptocurrency market remains in a state of flux, with Bitcoin, Ethereum and Ripple all suffering losses recently. The BTC dominance index (BCI) recently reached a record high of 57.6%, indicating that approximately 57.6% of all cryptocurrencies are currently being traded against the US dollar. As a result, the BTC-USD market capitalization now sits above US$131 billion.

The current environment is ideal for sellers of Ethereum tokens and ICOs. Since the cryptocurrency market is in a downturn, there is a lot of selling pressure on Ethereum tokens and ICOs, so it’s a good time to buy. However, Ethereum’s price action over the past few days is not convincing enough to predict a bullish run. Ethereum’s price is currently correcting lower, and should return to the $1,500 region.

Summary of the situation

  • Yesterday, ETH retested the local high at $2,400.
  • Strong downward movement during the night.
  • Support around $2,200 is now being tested.

The Ethereum price analysis for today is bearish, as the market has been falling for the past 24 hours and has reached the previous support level around $2,200. Therefore, we can expect a further decline in ETH/USD after a breakout of support as the bulls seem to be generally exhausted.

Heatmap for crypto-currencies. Source: Coin360

Ethereum price analysis: ETH declined yesterday, further drop below $2,200 today?

The general market has moved into negative territory over the past 24 hours. Bitcoin lost 6 percent and Ethereum lost 8.6 percent. The rest of the market follows this price action pattern with a loss of about 6-8%.

Ethereum price movement in the last 24 hours

ETH/USD was trading in the range of $2,203 to $2,403, indicating moderate volatility. Trading volume fell 7.5% to $22.1 billion. Meanwhile, the total market capitalization is $257.3 billion, representing a market dominance of 18.38%.

ETH/USD 4-hour chart – ETH falls overnight

On the 4-hour chart we can see that the price of Ethereum is moving rapidly downwards and testing new lows.

4 hour ETH/USD chart. Source: TradingView

Ethereum price analysis: ETH declined yesterday, further drop below $2,200 today?

The overall price trend remains downward despite the recovery in recent weeks after testing the last major low around $1,725. A strong upward rally followed in late June and a high of $2,400 was reached last week.

On Monday, the price of Etherium made another attempt to approach the $2,400 level, but a sharp rejection followed, suggesting that the bulls have exhausted their strength and that ETH/USD still has a long way to go.

Therefore, we expect the current minor support around $2,200 to be broken later today and further declines to be tested over the next 24 hours. If ETH/USD drops to the $2,000 level, we could see a much bigger drop in the coming weeks.

Ethereum Price Analysis: Supplement

Ethereum’s price analysis is bearish as the market retested the high of $2,400 yesterday and is currently preparing to drop below the support level of $2,200.

In anticipation of another drop in Ethereum, read our guides on the benefits of DeFi, bitcoin fees and what you can buy with bitcoin.

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