Ever since the launch of Ethereum last year, the majority of the cryptocurrency market has been in a bearish trend. Despite the fact the cryptocurrency still has several weeks before the roadmap is complete, the Ethereum price has been on a downward trend since the beginning of last December.
Ethereum price analysis: Ethereum spikes below $2,200, retracement today? The Ethereum price has been trading in a relatively narrow range between $200 and $212 for the past couple of months. The Ethereum price moves up to $212 in the early part of this week and we are beginning to see a retracement.
The cryptocurrency market keeps getting hammered, and Ethereum is no exception. Today, it is down more than 10% to trade at around $2,100, after spiking to a record high of $2,286. As Ethereum and the altcoin market tumble, many hope to see a reversal back to the $1,600 low today.. Read more about eth news today and let us know what you think.Summary of the situation
- ETH fell yesterday.
- Overnight support was found around 2.125.
- The market prepares a base from which to climb.
Today’s price analysis for Ethereum is bullish, as the market has fallen in recent days and found support just below the $2,200 level. Therefore, we can expect ETH/USD to start an uptrend in the coming days and head towards a new swing low below $2,600.
Ethereum’s overall price momentum remains bearish as the market continues to pull back from the recent $2,900 top reached in late May. ETH/USD then tested the $2,900 level again and slowly pulled back.
The support area where Ethereum should have gone was around $2,200, as this is where the 61.8 Fibonacci retracement formed from the previous low of $1,725 and the high of $2,910.
This means that investing in the ETH/USD offers a good risk-benefit ratio at the moment. However, it is still possible for the market to fall after an upward move in the coming days.
Therefore, the next few days are crucial for Ethereum. If ETH/USD breaks above $2600, we could be very bullish again. Otherwise, if another lower low is formed, the ETH will continue to form lower lows until the next support at $1,900.
Ethereum Price Analysis: Supplement
Ethereum price analysis is bullish now that the bears failed to drive the market down overnight. This should push ETH/USD higher in the coming days and the next price target is $3,200.
In anticipation of Ethereum’s rise, read our latest guides on Chinese miners, betting on Cardano and bitcoin payments.
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