Ethereum price analysis is bearish today.ETH/USD failed to continue higher overnight.Lower local high currently formed around $3,160.
Ethereum price analysis is bearish today as we have seen failure to move higher over the last 24 hours. Therefore, ETH/USD needs to retrace even lower before more upside tests can be seen next week.
Cryptocurrency heat map. Source: Coin360
The market has mostly traded with bullish momentum since yesterday. The leader, Bitcoin, gained 0.45 percent, while Ethereum 0.65 percent. The rest of the market has seen mixed results as Solana, Avalanche, and Polkadot, among others, are slightly in the red.
Ethereum price movement in the last 24 hours: Ethereum slowly moved higher, finds resistance at $3,160
ETH/USD traded in a range of $3,111.83 – $3,162.94, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 31.97 percent, totaling $9 billion. Meanwhile, the total market cap trades around $377 billion, resulting in a dominance of 18.75 percent.
ETH/USD 4-hour chart: ETH looks to retrace further?
On the 4-hour chart, we can see selling pressure slowly returning, likely leading to further retracement early next week.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen further upside tested over the past week. A new high was set at $3,200 on the 25th of March after a strong break above $3,000 previous resistance.
Therefore, the overall market structure has turned increasingly bullish. Likely soon the previous major swing high resistance at $3,200 will be broken, further strengthening the overall trend.
However, first, the Ethereum price action needs to retrace again. Likely the swift decline to the $3,080 mark seen on Friday is not enough, and another test for downside is needed next week.
Considering the previous sharp advance, a retest of $3,000 resistance as support would mean a healthy pullback overall. From there, bulls will likely regain their strengths and will be ready to break the $3,200 next major price milestone.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a steady move higher result in a local lower high set at $3,160. Therefore, unless bulls can suddenly push the market higher, we expect ETH/USD to drop below $3,080 over the next 24 hours.