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Ethereum price analysis: ETH consolidates around $1,050, further drop next week?


www.cryptopolitan.com 03 July 2022 20:15, UTC
  
Reading time: ~2 m

Ethereum price analysis is bearish today as we have seen consolidation around $1,050 and rejection for further recovery. Therefore, ETH/USD is ready to drop further and break past the $1,000 local support. Once that is done, the next week should see the previous swing low at $900 tested.


Cryptocurrency heat map. Source: Coin360

The market has traded with slight bullish momentum over the last 24 hours. The leader, Bitcoin, gained 1.08 percent, while Ethereum gained 0.88 percent. Meanwhile, the rest of the top altcoins have followed close by.

Ethereum price movement in the last 24 hours: Ethereum fails to recover again

ETH/USD traded in a range of $1,044.01 to $1,074.97, indicating mild volatility over the last 24 hours. Trading volume has declined by 29.19 percent, totaling $7.785 billion, while the total market cap trades around $129.5 billion, resulting in a dominance of 14.85 percent.

ETH/USD 4-hour chart: ETH retest upside before another spike lower?

On the 4-hour chart, we can see a slight bullish upsurge over the last hours. However, since the previous local high has not been broken, we expect another rejection for upside and push lower early next week.


ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong new swing low set at the beginning of the week. After a decline of more than 21 percent, ETH/USD found a new low at the $1,000 mark.

From there, a quick reaction higher followed to the $1,115 mark, where rejection for further recovery was seen on Friday. Consolidation sideways followed, resulting in both lower local highs and lows set.

Since then, the $1,050 mark served as the central trading area, with a further rejection of upside seen this morning. Therefore, ETH/USD is ready to continue even lower and look to break past the $1,000 current low. Once that is done, a lot more room lower will open up as the next support is located at the $900 mark. 

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen consolidation over the last 24 hours with clear rejection for any upside attempts. Likely this will lead ETH/USD even lower next week as the overall weekly sentiment was very bearish, and a clear recovery did not follow over the past days.

While waiting for Ethereum to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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.

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