TL;DR Breakdown
Ethereum price analysis is bearish today.ETH/USD fails to breach the $2,950 previous low.Another test of upside seen over the last hours.
Ethereum price analysis is bearish today as we have seen more upside tested over the last hours with another rejection. Likely more downside will follow overnight as sellers are still in control.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours as further recovery was seen. The leaders, Bitcoin and Ethereum, gained 1.91 and 1.67 percent, respectively, while the rest of the market followed.
Ethereum price movement in the last 24 hours: Ethereum fails to move lower, sets slightly higher local high
ETH/USD traded in a range of $2,976.72 – $3,091.93, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 24.72 percent, totaling $17.26 billion, while the total market cap trades at $370 billion, resulting in a dominance of 19.62 percent.
ETH/USD 4-hour chart: ETH rejects upside again
On the 4-hour chart, another attempt to move higher was rejected at around $3,100, indicating that bears are still in control.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has continued lower so far this week. After a retest of $3,300 resistance on the 10th of April, ETH/USD lost another 10 percent to the $2,950 support.
From there, an initial reaction higher was seen to $3,080, with a rejection candle formed during the middle of th day. Push lower followed almost back to the previous low before buying pressure returned overnight.
Since then, the Ethereum price has made a higher local high at $3,100. However, rejection for further upside is currently seen, indicating that another test of downside should follow by the end of the day.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as bulls have faced further rejection around $3,100. Therefore, we expect ETH/USD to either test further downside or continue consolidating over the next 24 hours.
While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.
