- Ethereum price analysis is bearish today.
- ETH/USD set another local higher low at $3,080.
- Spike higher was seen over the last hours.
Ethereum price analysis is bearish today as we have seen a strong spike higher and rejection over the past hours. Therefore, ETH/USD bulls are likely exhausted and more downside will follow over the next 24 hours.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, remained flat, while Ethereum lost 0.43 percent as further upside was rejected. The rest of the top altcoins saw similar performance.
Ethereum price movement in the last 24 hours: Ethereum rejects further upside, returns to previous support
ETH/USD traded in a range of $3,074.19 to $3,157.89, indicating mild volatility over the last 24 hours. Trading volume has declined by 12.97 percent, totaling $15 billion, while the total market cap trades around $374 billion, resulting in a dominance of 19.39 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
On the 4-hour chart, we can see immediate rejection for further upside over the past hours, indicating an upcoming retracement.
Ethereum price action has seen a strong surge higher since the beginning of the week. From the new low at $2,880, ETH/USD quickly gained 10 percent to the current high at $3,160.
Since the previous high at $3,140 was broken, we can assume that the market structure has turned increasingly bullish. However, after a strong rally over the past days, bulls could be exhausted, meaning that retracement is needed.
Overall, the Ethereum price action will likely see selling over the next days. How far the retracement will move will likely dictate what the market direction will be for the remainder of April 2022.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen rejection for upside after another quick spike higher. Likely ETH/USD is now exhausted and ready for a more serious retracement.