Ethereum price analysis is bearish today.ETH/USD saw a quick rally yesterday.Consolidation began below $3,500 overnight.
Ethereum price analysis is bearish today as we have seen more upside tested at $3,500 with steady momentum over the last 24 hours. Likely ETH/USD needs to retrace again and establish another higher low before further upside can be tested next week.
Cryptocurrency heat map. Source: Coin360
The market has seen bullish momentum take over over the last 24 hours. The leader, Bitcoin, has gained 2.93 percent, while Ethereum has around 4.7 percent. Meanwhile, Solana, Avalanche, Polkadot, and Terra are among the top performers.
Ethereum price movement in the last 24 hours: Ethereum rallies towards $3,500
ETH/USD traded in a range of $3,346.27 – $3,521.28, indicating mild volatility over the last 24 hours. Trading volume has increased by 17.63 percent, totaling $25.46 billion, while the total market cap trades around $422 billion, resulting in market dominance of 19.39 percent.
ETH/USD 4-hour chart: ETH fails to break higher
On the 4-hour chart, we can see slight rejection for the Ethereum price as of now, potentially indicating another retracement incoming later in the weekend.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has rapidly advanced over the last week following the strong rally that began in the middle of March. Further higher high was set just below $3,500 on the 29th of March after previous major swing high resistance levels were broken.
Another quick retracement set a higher low at $3,200, indicating further upside will follow shortly. Quick push did indeed quickly follow, leading towards $3,500 resistance once again.
Today, an attempt to break higher was seen early, with slight rejection following shortly. Right now, ETH tests upside again, with another rejection seen, indicating exhaustion for bulls, which should lead to another retracement by the end of the week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we expect the $3,500 mark to offer enough resistance over the following hours. Therefore, ETH/USD is expected to move for another retracement that sets a higher low, opening the opportunity for further upside to be tested next week.