Ethereum price analysis is bearish today.ETH/USD rallied towards the previous high overnight.Slight rejection for upside seen since morning.
Ethereum price analysis is bearish today as we have seen rejection for further upside at the previous high resistance of $3,040. Therefore, ETH/USD likely needs to set another higher low before further upside can be tested.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained a substantial 4.54 percent, while Ethereum followed with 3.32 percent. The rest of the market has mostly seen even better performance, with DOT, ADA, XLM being the top performers.
Ethereum price movement in the last 24 hours: Ethereum moves towards previous high, finds more resistance
ETH/USD traded in a range of $2,892.54 – $3,023.05, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 26.57 percent, totaling $18.9 billion, while the total market cap trades around $361.22 billion, resulting in a dominance of 18.67 percent.
ETH/USD 4-hour chart: ETH looks to retrace again?
On the 4-hour chart, we can see upside rejected this morning, likely leading the Ethereum price action to set another higher low next.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong rally over the past week ever since the $2,600 resistance was broken on the 15th of March. After several days of constant upside, the $3,000 major resistance was reached on the 18th of March, meaning a total gain of almost 20 percent.
From there, another higher low was set at the $2,850 previous resistance turned support late on the weekend. Bullish momentum resumed yesterday, eventually leading to more upside tested overnight to today.
As of now, the previous major swing high at $3,040 is not yet broken. After a brief test of the high, the Ethereum price action saw rejection lower, indicating that bulls are not yet ready to set higher high.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen strong signs of resistance at the $3,040 previous high. Therefore, we assume ETH/USD is headed to set another higher low from which to attempt breakout later in the week.