Ethereum price analysis: ETH still consolidates above $2,950, ready to reverse? 

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD rejected downside again this morning.
  • Consolidation continued over the last hours.

Ethereum price analysis is bullish today as we expect the $2,950 mark to offer enough support to reverse the market by the end of the weekend. Likely, ETH/USD will look to return above $3,000 over the next 24 hours and attempt another strong push higher.

Cryptocurrency heat map. Source: Coin360

The market has declined over the last 24 hours. The leader, Bitcoin, lost 1.45 percent, while Ethereum 0.86 percent. The rest of the top altcoins followed close by.

Ethereum price movement in the last 24 hours: Ethereum sets a higher low at $2,950

ETH/USD traded in a range of $2,926.74 to $2,997.26, indicating mild volatility over the last 24 hours. Trading volume has declined by 34.5 percent, totaling $13.24 billion, while the total market cap trades at $357 billion, resulting in a dominance of 19.3 percent.

ETH/USD 4-hour chart: ETH ready to rally?

On the 4-hour chart, we can see the final tests of the downside as the Ethereum price action momentum is ready to shift.

Ethereum price analysis: ETH still consolidates above $2,950, ready to reverse?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong reaction higher during the first days of the week. New higher local high was set around $3,160 on 20 April 2022, with a retest of the new high a day later.

From there, retracement followed during the middle of the week, quickly leading ETH/USD to the $2,950 support. After a second attempt to break lower, the market moved into consolidation, indicating that a reversal will soon take place.

Today, a slight test for downside was immediately rejected, potentially meaning that more upside could come soon. Once the Ethereum price action can return above $3,000, we expect a strong rally to begin again.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen strong support at $2,950 stop the market from further downside over the last 24 hours. Therefore, ETH/USD is likely ready to reverse and rally higher again by the end of the month.

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.

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Written by Lapin

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.