Ethereum price analysis

Today’s Ethereum price analysis is bearish as we see a higher low at $3,040 and another bounce higher met with resistance. Therefore, another correction will occur in the next 24 hours as the bulls run out again.

The market has seen mostly bullish trading over the last 24 hours. The best-performing Bitcoin was up 2.21 percent and Ethereum was followed by 1.3 percent. The rest of the market is following closely.

Ethereum price action in last 24 hours: Ethereum continues to test higher at $3,175
ETH/USD has been trading in a $3,045.29 to $3,173.45 range, indicating significant volatility over the last 24 hours. Trading volume increased 19 percent to $17.72 billion, while the total market cap stood at $379.5 billion, resulting in a 19.38 percent dominance.

ETH/USD 4-hour chart: ETH rejected again
On the 4 hours chart, we can see a rapid advance that has met another resistance to further gains in the last hours, indicating that another decline is imminent.

Ethereum price action has seen signs of a reversal over the past week. After setting its current low of $2,880 on April 19, 2022, ETH/USD immediately reversed and breached the $3,080 resistance.

After some consolidation, another rally was seen yesterday, leading to a further test of up to $3,160. The sellers immediately returned, taking the market to $3040 yesterday.

Since then, a higher bottom has occurred and another push higher started in the evening. Further growth has been achieved, but further cancellations can now be seen. Having said that, we expect Ethereum price action to come back stronger in the coming days.

Ethereum Price Analysis: Conclusion
Today’s Ethereum price analysis is bearish as the market jumped to $3,175 and further gains were rejected. Therefore, in the next 24 hours, ETH/USD will see another decline and is likely to come back for more.