The start of the week brought an unexpected price correction for Ethereum, a cryptocurrency that has been on a tear this year. While the correction has seen Ethereum drop below $1,700, the good news is that the coin is still up more than 150% on the year.
Ethereum is the world’s second most popular cryptocurrency and the “World Computer” on the blockchain. It is a decentralized platform for smart contracts and distributed applications (dapps) written in Solidity. Ethereum was founded by Vitalik Buterin, a Russian-Canadian programmer who came up with the idea as a graduate student in 2013. Having real-life applications was imperative to keeping the Ethereum network going, and the first “Ethereum-based application” was launched in July 2015.Summary of the situation
- ETH dropped yesterday.
- Ethereum crosses new thresholds.
- The next support target is $1,725.
Ethereum price analysis suggests bearish momentum for today, now that the bears have regained control and a new low has formed. Therefore, we expect ETH/USD to reach the next target of $1,725 in the coming days.
Overall, the market has been trading with bearish momentum in recent weeks after the ETH/USD set a clear swing high around $2400. This is the result of a multi-week recovery from the previous low of $1,725, which was reached in late June 22 and peaked on June 26. June was tested again.
However, no further growth followed and the price of Ethereum initially dropped rapidly to the $2,100-2,200 region before falling back to $1,900 in recent days. This change in price action led to a brief upward spike as the market attempted to retest the $2,000 resistance level.
Once ETH/USD hit $2,000, further gains were quickly discarded and bears began to push the market down. This has led to the inclusion of a new local depression in the last few hours. Therefore, we expect Ethereum to drop further today and reach $1,725.
Ethereum price analysis: Supplement
Ethereum’s price analysis is bearish for the next 24 hours, as bears are currently pushing the market below the previous low at around $1,865. Therefore, further declines are expected over the weekend, with the next target at $1,725.
In anticipation of another drop in Ethereum, read our guides on the benefits of DeFi, bitcoin commissions and what you can buy with bitcoins.
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