Ethereum price analysis is bearish today.ETH/USD peaked at $3,040 yesterday.Selling pressure seen overnight.
Ethereum price analysis is bearish today as we have seen sellers return in the market after a strong higher high was set and retested at $3,040 earlier this week. Therefore, ETH/USD now moves to retrace some of the gains and establish another higher low.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 3.59 and 4.3 percent, respectively. Solana and Avalanche are the worst performers, with a loss of 6 and 7.2 percent, respectively.
Ethereum price movement in the last 24 hours: Ethereum begins to retrace
ETH/USD traded in a range of $2,847.93 – $2,978.35, indicating mild volatility over the last 24 hours. Trading volume has declined by 32.88 percent, totaling $12.4 billion, while the total market cap trades around $341.7 billion, resulting in a dominance of 18.08 percent.
ETH/USD 4-hour chart: ETh targets $2,750 next?
On the 4-hour chart, we can see the Ethereum price rapidly declining over the past hours, likely leading to a strong retracement by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong signs of major trend reversal over the past week. After the initial higher high at $2,850, a clear higher low at $2,600 confirmed the reversal on the 28th of February.
From there, ETH/USD quickly gained over 15 percent to the $3,040 mark, further indicating strong bullish momentum building up. After another retest of upside yesterday bears finally picked up the momentum, slowly leading the market lower.
Overnight, more downside was reached, leading to the current push lower below $2,850 previous resistance level. Likely we will see the Ethereum price decline even further over the next days, with the first obvious support level to watch located at $2,750.
However, once a higher low is set again, we expect ETH/USD to continue rallying towards the next major resistance area at $3,200-$3,300. If this resistance can be broken, the market should see a lot more upside over the next months.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen selloff begin after strong higher high was set over the past days. Likely ETH/USD will move to set another higher low, with the closest support level located at $2,750.