$ 1,239.64 0.32%
$ 41.34 2.14%
$ 0.070463 2.87%
$ 5.16 10.93%
$ 21,403.00 0.49%
$ 238.80 1.00%

Ethereum price analysis: ETH consolidates around $3,000, slowly prepares to retrace

Ethereum Price analysis

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.

Ethereum price analysis: ETH consolidates around $3,000, slowly prepares to retrace 1
Cryptocurrency heat map. Source: Coin360

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 analysis: ETH consolidates around $3,000, prepares to retrace
ETH/USD 4-hour chart. Source: TradingView

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.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Ripple price analysis: XRP price consolidates below $0.36, but bulls are optimistic

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users