Ethereum price analysis: ETH continues to reject further downside, ready to return above $3,000?
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TL;DR Breakdown
- Ethereum price analysis is bullish today.
- ETH/USD continued sideways around $2,950 overnight.
- Another test of the downside was quickly rejected over the last hours.
Ethereum price analysis is bullish today as we have seen further consolidation and rejection for the downside over the last 24 hours. Therefore, we expect ETH/USD to begin pushing higher early next week.
The market has seen a slight downside over the last 24 hours. The leader, Bitcoin, lost 0.32 percent, while Ethereum lost 0.83 percent. Meanwhile, the rest of the market has seen slightly more downside.
Ethereum price movement in the last 24 hours: Ethereum still moved sideways
ETH/USD traded in a range of $2,922.13 to $2,975.32, indicating mild volatility over the last 24 hours. Trading volume has declined by 27.7 percent, totaling $8.53 billion, while the total market cap trades around $354.43 billion, resulting in a dominance of 19.28 percent.
ETH/USD 4-hour chart: ETH ready to reverse?
On the 4-hour chart, we can see another rejection for the downside over the past hours, indicating that the Ethereum price action is ready to reverse and head higher early next week.
The Ethereum price action has seen relatively large volatility over the course of last week. From the last swing low at $2,880, ETH/USD quickly gained over 10.5 percent until the $3,175 mark was reached on 21 April 2022.
From there, quick retracement followed during the middle of the week. Support was initially found at $2,950 previous support, with further tests of downside as low at $2,925.
Since then, the Ethereum price action has consolidated and continued to reject any further downside. Therefore, the next week should see more upside tested as sellers are exhausted, and another clear higher low is set.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen further consolidation and failure to move any lower. Likely this will lead ETH/USD higher again over the next 24 hours, with the $3,000 mark being the closest target.
While waiting for Ethereum to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.
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