Ethereum price analysis: ETH spikes to $3,200, retracement incoming?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD rallied to $3,200 next resistance.
• Rejection for further upside is currently in play.

Ethereum price analysis is bearish today as we have seen a strong rally to the $3,200 next resistance, indicating strength in the overall market. However, bulls are likely exhausted as of now, meaning retracement should follow over the weekend.

The market has traded with mixed results over the last 24 hours. Despite leaders, Bitcoin and Ethereum, up by 0.8 and 0.31 percent, most of the market saw a decline, with Cardano (ADA) losing around 6 percent.

Ethereum price movement in the last 24 hours: Ethereum tests next resistance, begins to retrace

ETH/USD traded in a range of $3,090.85 – $3,183.96, indicating substantial volatility over the last 24 hours. Trading volume has declined by 11 percent, totaling $17.4 billion, while the total market cap trades around $374.76 billion, resulting in a marked dominance of 18.78 percent. 

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

On the 4-hour chart, we can see the Ethereum price facing rejection for further upside, meaning retracement should follow over the weekend.

Ethereum price has moved higher over the past week without much hesitation. After the $3,000 major resistance was broken on the 22nd of March, ETH/USD set the current local higher low at $2,920.

From there, a further gain of over 9 percent was seen over the following days, leading to the $3,200 next resistance tested. As we can see currently, rejection for further upside has already been noticeable, indicating the market is headed for a retracement next.

Therefore, the Ethereum price action should see a bearish weekend. The previous resistance at $3,000 will be retested as support before further advance is made next week.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as the market has set further higher high at the next major resistance at $3,200. Likely reversal will be seen next as another higher low needs to be set before ETH/USD attempts to move even higher.

While waiting for Ethereum to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO