The past 24 hours have been very eventful for Ethereum’s price. The cryptocurrency has climbed back above $2,000 after a devastating double-digit drop. From a weekly perspective, the movement has been swift. Ethereum’s price jumped from $1,700 to $2,200 overnight, which represents a massive spectacular move. However, it is important to note that has been a little too much of a good thing. Ethereum’s price is now fighting against strong bearish momentum. The cryptocurrency could drop back below $1,700, which may spark a new wave of selling.

The Bitcoin price went down to $3,000 last night, while Ethereum (ETH) saw an even steeper decline. The reason for this sharp dip in ETH price is that it is the third highest cryptocurrency in terms of market capitalization, behind only Bitcoin and Ripple. This week, a lot of people are predicting a bearish market for ETH, as it has been one of the most popular coins among investors in the market.

Given the current price of Ethereum, the chances of Ethereum overtaking Bitcoin’s market cap (currently $21.3 billion) at some point in 2018 (as reported by Bloomberg) are slim, but if history is any indicator, Ethereum could be in for a wild ride in the months ahead.. Read more about ethereum price prediction and let us know what you think.

TL;DR Summary

  • Yesterday, the price of Ethereum continued to rise.
  • Around $2,200, resistance was discovered.
  • Today’s market is expected to reverse.

The market has hit a $2,200 barrier level and refused additional gains overnight, indicating that negative momentum would follow later today. As a result, we anticipate ETH/USD to fall in the next days, attempting to revisit prior lows.

Ethereum Price Analysis: ETH reached $2,200 overnight, bears ready to take over?Heat map of cryptocurrencies. Coin360 is the source of this information.

After a big rise yesterday, the cryptocurrency market has been trading with mixed outcomes over the past 24 hours. Bitcoin is now up 1.22 percent, while Ethereum is down 0.56 percent. Polkadot (DOT) is one of the worst-performing stocks, down 5.11 percent.

In the past 24 hours, the price of Ethereum has risen to about $2,200.

Over the past 24 hours, ETH/USD has traded in a range of $2,133.61 to $2,197.65, showing moderate volatility. Trading volume has remained stable at $15.5 billion, with a total market value of approximately $250.45 billion, resulting in an 18.34 percent market domination.

4-hour chart of ETH/USD: Is ETH on the decline?

The Ethereum price is consolidating below the $2,200 barrier on the 4-hour chart, as bears prepare to seize over next week.

Ethereum Price Analysis: ETH reached $2,200 overnight, bears ready to take over?4-hour chart of ETH/USD. TradingView is the source of this information.

After reaching $1,725 support at the end of June and recovering almost 40% over the following weeks, the price of Ethereum has continued to fall in recent weeks. On the 8th of July, a new swing lower high was established at $2,400 and retested with a strong rejection.

The 20th of July saw another retest of the $1,725 support as a consequence of this price action development. From then, the ETH/USD pair began to rise, rapidly gaining more than 25% to the $2,200 barrier level. 

The price of Ethereum stabilized overnight as bulls were unable to drive the market higher. As a result, we may infer that bulls have run out of steam and that ETH/USD will begin to fall early next week. 

The first apparent target is the $1,725 key support level, which, if destroyed, would send Ethereum plunging in the next weeks. If a higher low can be formed over $1,725 support, Ethereum may begin to trade in the direction of a new medium-term higher high and eventually continue advancing towards new all-time highs.

Conclusion of the Ethereum Price Analysis 

Bearish momentum is expected in the next 24 hours, according to Ethereum price research, as bears attempt to reverse ETH/USD following a more than 25% gain in recent weeks. As a result, we anticipate ETH/USD to begin trading downward in the next week, attempting to test prior support levels.

While you wait for Ethereum to drop, check out our tutorials on Bitcoin fees, what you can buy with Bitcoin, and DeFi benefits.

Disclaimer: The material on this website is not intended to be trading advice, assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

The crypto-coin world is in a bearish slump, but Ethereum is bucking the trend. The year started out with a bang as Ethereum’s price reached $1,400 in the first week of January, but the price quickly fell throughout the next month. Early February brought the price of ETH back to $1,000, but on February 13, Ethereum hit a new all-time high of $1,222.. Read more about btc price and let us know what you think.

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