Ethereum price analysis is bearish today.ETH/USD saw a quick spike to $3,600 late yesterday.Bearish momentum strong since morning.
Ethereum price analysis is bearish today as we have seen a strong spike to $3,600 being immediately rejected. Therefore, ETH/USD is expected to retrace and set another higher low over the next days.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 2.04 percent and 2.43 percent, respectively, while some of the top altcoins such as Solana and Avalanche, have declined over 5 percent.
Ethereum price movement in the last 24 hours: Ethereum rejects further upside, drops to $3,400
ETH/USD traded in a range of $3,430.14 – $3,573.96, indicating strong volatility over the last 24 hours. Trading volume has increased by 5.56 percent, totaling $17.12 billion, while the total market cap trades around $412.44 billion, resulting in market dominance of 19.45 percent.
ETH/USD 4-hour chart: ETH begins to retrace
On the 4-hour chart, we can see the Ethereum price quickly declining since strong rejection shortly before midnight, possibly indicating more downside is due over the next days.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong rally again over the past days after another higher low was set at $3,200. A new high was initially set at $3,500, with a retest of upside seen on the 2nd of April.
Consolidation followed until late yesterday when ETH/USD quickly spiked higher to $3,580. However, strong selling pressure returned immediately, forming a strong 4-hour rejection candle just before midnight.
Since then, ETH/USD has continued to decline, almost reaching back to the $3,400 mark. The Bitcoin price action will likely see an even further drop over the next days to test the $3,300 next support, where a higher low could be set.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen strong rejection below $3,600 turn into a push lower so far today. Therefore, we expect ETH/USD to drop even further and look to set another higher low.