Ethereum price analysis: ETH continues higher, tests $3,040 as bears slowly return

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD saw further upside overnight.
• Rejection for upside seen at $3,040.

Ethereum price analysis is bearish today as we have seen a steady advance higher over the last 24 hours indicating selling pressure slowly returning. Therefore, we expect ETH/USD will pivot soon and look to retrace over the following week.

The market has seen mixed results over the last 24 hours despite the market leader, Bitcoin, being up by 1.53 percent. Ethereum has gained 0.88 percent, while Terra (LUNA) is the top performer, with a 7.5 percent gain.

Ethereum price movement in the last 24 hours: Ethereum slowly pushes higher

ETH/USD traded in a range of $2,907.46 – $3,026.87, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 13.68 percent, totaling $17.8 billion, while the total market cap trades around $355.5 billion, resulting in a dominance of 18.34 percent.

ETH/USD 4-hour chart: ETH starts to pivot lower?

On the 4-hour chart,  ETH can be seen losing its momentum after consolidation was seen around $3,000.

Ethereum price action has seen strong signs of reversal over the past week. After a clear higher high was set at $2,850, ETH/USD quickly retraced to $2,600, establishing a clear higher low.

Therefore, a confirmation for the upcoming trend change was set by the end of February. Quick push higher followed on the 28th of February, leading to another higher high at $3,000 tested.

After some consolidation, further upside was slowly gained to $3,040, indicating that bulls are likely now exhausted. Considering this, we expect the Ethereum price action to retrace soon. Most likely, another higher low will be set by the end of the week, opening the way for a lot more upside later.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as the market has lost its momentum after a slow move to $3,040 was seen overnight. Therefore, ETH/USD will likely soon pivot and start to retrace some of the gains seen earlier.

While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.