Ethereum price analysis: ETH sets higher low, swiftly spikes above $3,150

TL;DR Breakdown

Ethereum price analysis is bearish today.ETH/USD saw another higher low set yesterday.Strong move higher was seen over the last hours. 

Ethereum price analysis is bearish today as we have seen a higher low set at $3,040 and another upside spike met with rejection. Therefore, another retracement should follow over the next 24 hours as bulls are exhausted again.

Cryptocurrency heat map. Source: Coin360

The market has seen mostly bullish trading over the last 24 hours. The leader, Bitcoin, gained 2.21 percent, while Ethereum followed with 1.3 percent. The rest of the market has followed close by.

Ethereum price movement in the last 24 hours: Ethereum tests further upside at $3,175

ETH/USD traded in a range of $3,045.29 to $3,173.45, indicating substantial volatility over the last 24 hours. Trading volume has increased by 19 percent, totaling $17.72 billion, while the total market cap trades at $379.5 billion, resulting in a dominance of 19.38 percent. 

ETH/USD 4-hour chart: ETH experiencing rejection again

On the 4-hour chart, we can see a swift push higher met with another rejection for further upside over the past hours, indicating that more downside will soon follow.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen signs of reversal over the past week. After the current low at $2,880 was set on 19 April 2022, ETH/USD immediately reversed and broke past the $3,080 resistance.

After some consolidation, another rally higher was seen yesterday, leading to further upside tested at $3,160. Sellers immediately returned, leading the market to the $3,040 mark late yesterday.

Since then, a higher low was set, and another push higher began overnight. Further upside was reached, however, another rejection can currently be seen. Therefore, we expect the Ethereum price action to retrace even further over the next days.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as the market has rallied to $3,175 and seen rejection for further upside. Therefore, ETH/USD should see another drop over the next 24 hours and likely retrace even more.

While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.