Ethereum price analysis: ETH retraces to $2,950, slow consolidation next?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is neutral for today.
  • ETH/USD dropped to $2,950 yesterday.
  • Slight reaction higher seen overnight.

Ethereum price analysis is neutral today as we have seen a substantial drop to the $2,950 support late yesterday. Therefore, sellers are likely exhausted, and consolidation will follow over the next 24 hours.

Ethereum price analysis: ETH retraces to $2,950, slow consolidation next? 1
Cryptocurrency heat map. Source: Coin360

The market has continued to decline over the last 24 hours. The leader, Bitcoin, lost 6.04 percent, while Ethereum followed with a 5.75 percent loss. The rest of the top[ altcoins saw similar results.

Ethereum price movement in the last 24 hours: Ethereum peaks at $3,175, drops over 7 percent

ETH/USD traded in a range of $2,962.41 to $3,150.04, indicating strong volatility over the last 24 hours. Trading volume has increased by 14.09 percent, totaling $20.2 billion, while the total market cap trades around $359.36 billion, resulting in a dominance of 19.24 percent.

ETH/USD 4-hour chart: ETH reacts at $2,950

On the 4-hour chart, we can see the Ethereum price action finding support, likely leading to another higher low being set soon.

Ethereum price analysis: ETH retraces to $2,950, consolidation next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has continued to decline over the past weeks. The new low was set at $2,880 on 18 April 2022 after a quick spike lower.

However, ETH/USD quickly recovered above the previous local high. The $3,140 mark was broken on Wednesday, and a double top at $3,160 was set yesterday, indicating another local high set.

More downside followed rather quickly, leading to the $2,950 previous support being tested again. If no further downside is seen, we expect the Ethereum price action to consolidate over the weekend.

Ethereum price analysis: Conclusion 

Ethereum price analysis is neutral today as new support has been found at $2,950 after a strong spike lower late yesterday. Therefore, we expect ETH/USD to move into consolidation over the next 24 hours.

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.

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

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Cardano Price Prediction 2022-2030: Is ADA a good investment?

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse