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

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.

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 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.