Ethereum price analysis: ETH breaks above $3,000, ready to return towards trendline?
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TL;DR Breakdown
- Ethereum price analysis is bearish today.
- ETH/USD reached further upside overnight.
- Market shows signs of slowdown over the past hours.
Ethereum price analysis is bearish today as we expect reversal soon after a very strong rally over the past two days. Likely ETH/USD will soon reverse and look to set another high rlow.
The crypto market has seen strong bullish momentum continue over the last 24 hours. The market leader, Bitcoin, has gained 9.16 percent, while Ethereum 6.36 percent. Meanwhile, the rest of the top altcoins follow the majors close by.
Ethereum price movement in the last 24 hours: Ethereum continues higher, breaks $3,000
ETH/USD traded in a range of $2,771.40 – $3,032.66, indicating moderate amount of volatility over the last 24 hours. Trading volume has declined by 15.81 percent, totaling $17.5 billion. Meanwhile, the total market cap trades around $360.23 billion, resulting in a market dominance of 18.94 percent.
ETH/USD 4-hour chart: ETH starts to loose momentum?
On the 4-hour chart, we can see the Ethereum price action slowing down today, likely as bulls are finally exhausted.
Ethereum price action has continued higher this week. After previously breaking above the $2,700 resistance, ETH/USD peaked around $2,800 before starting to retrace.
By the 4th of February, another higher low was set along the several-week ascending trendline formed from the previous three swing lows. Bullish momentum resumed late on the 3rd of February, leading to over 15 percent gain since.
However, over the past hours, the Ethereum price momentum has slowed down. Likely we will see retracement beginning soon and a higher low set early next week. From there, ETH/USD should continue higher as the overall market structure is bullish.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen another strong higher high set and a slowdown for the momentum over the past hours. Therefore, ETH/USD is likely now ready to retrace back towards the several-week ascending trendline of support.
While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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