Ethereum price analysis: ETH consolidates around $3,000, slowly prepares to retrace
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TL;DR Breakdown
- Ethereum price analysis is bearish today.
- Market peaked at 3,063 yesterday.
- ETH/USD moved sideways overnight.
Ethereum price analysis is bearish today as we expect the current consolidation to end with a drop lower over the next 24 hours. Likely ETH/USD will move to set another higher low during the first days of next week and push higher again from there.
The crypto market has seen bullish momentum continue over the last 24 hours. The leader, Bitcoin, gained 2.65 percent, while Ethereum 1.64 percent. Meanwhile, the rest of the market has seen similar price action.
Ethereum price movement in the last 24 hours: Ethereum trades in a narrow range around $3,000
ETH/USD traded in a range of $2,971.77 – $3,054.13, indicating low volatility over the last 24 hours. Trading volume has declined by 44.27 percent, totaling $9.94 billion. Meanwhile, the total market cap trades around $360 billion, rasulting in a market dominance of 18.91 percent.
ETH/USD 4-hour chart: ETH ready to retrace
On the 4-hour chart, we can see the Ethereum price not making any further attempts to push higher, meaning that retracement should soon follow.
Ethereum price action has seen strong bullish momentum return over the past weeks. After second higher low was set at $2,500 at the end of January, ETH/USD clearly broke the $2,700 previous high resistance and peaked around $2,800.
Therefore, the market structure has turned bullish again. From there, ETH retested the several-week ascending trendline on 3rd of February, setting another higher low around $2,600.
Push higher of over 18 percent began on Friday, leading to another very strong higher high set around $3,050. Since then, the Ethereum price has traded in a narrow consolidation, indicating upcoming retracement.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as the market has peaked slightly above $3,000 and consolidated since. Therefore, ETH/USD should begin to retrace soon and look to set another higher low early next week.
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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