Ethereum price analysis is bearish today.ETH/USD saw another test of $3,000 late yesterday.Selling pressure seen over the last hours.
Ethereum price analysis is bearish today as we expect the $3,000 resistance to have reversed the market. Therefore, ETH/USD is headed for a retracement, with the closest support seen at $2,850.
Cryptocurrency heat map. Source: Coin360
The market has traded mostly in the green over the last 24 hours. The leader, Bitcoin, has gained 0.16 percent, while Ethereum lost 0.86 percent. Terra (LUNA) is the top performer, as it gained over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum fails to move past $3,000
ETH/USD traded in a range of $2,909.43 – $2,979.99, indicating mild volatility over the last 24 hours. Trading volume has declined by 23.62 percent, totaling $11.77 billion, while the total market cap trades around $350.23 billion, resulting in a dominance of 18.61 percent.
ETH/USD 4-hour chart: ETH set to retrace to $2,850?
On the 4-hour chart, we can see selling pressure returning for the Ethereum price since morning, likely leading to previous resistance at $2,850 retested as support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen a strong advance over the past days after the $2,600 resistance was broken on the 15th of March. From there, ETH/USD has so far gained around 15 percent as resistance was found below $3,000 late on Friday.
Considering the massive extension over the last days, ETH/USD should see retracement next. The $2,850 previous resistance should now act as a support and is the first obvious target.
If another higher low can be set there, ETH will have a very good setup to attempt to finally breach the $3,000 major resistance and previous major swing high at $3,040. From there, the overall market structure would turn extremely bullish, and a lot more upside could be expected during the following weeks.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as retracement should follow after the $3,000 mark offered strong resistance yesterday once more. Likely ETH/USD will retrace to $2,850 resistance turned support and set another higher local low before more upside is tested.