Ethereum price analysis: ETH retraces to $3,000, begins steady consolidation

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD retraced to $3,000 yesterday.
• Sideways action seen since midnight.

Ethereum price analysis is bullish today as we expect another attempt to recover after another slightly higher local low was set late yesterday. Likely the current consolidation will resolve with another push higher over the weekend.

The market has seen mostly bullish momentum over the last 24 hours. The leader, Bitcoin, gained 0.8 percent, while Ethereum lost just 0.12 percent. The rest of the top altcoins saw a slight increase.

Ethereum price movement in the last 24 hours: Ethereum sets higher local low

ETH/USD traded in a range of $2,988.44 – $3,044.29, indicating low volatility over the last 24 hours. Trading volume has declined by 16.5 percent, totaling $12.88 billion, while the total market cap trades around $363.2 billion, resulting in a dominance of 19.4 percent.

ETH/USD 4-hour chart: ETH ready to push higher?

On the 4-hour chart, we can see consolidation formed above $3,000, indicating that a base has been set for another rally over the weekend.

Ethereum price action has seen a sharp drop lower at the beginning of the week. From the $3,300 previous resistance, over 10 percent was lost to the $2,950 support, indicating that bears are still in control over the market.

Retracement followed during the middle of the week, leading ETH/USD to retest $3,140 previous support as resistance. From there, another higher local low was set yesterday, indicating that more upside will be tested over the weekend.

Therefore, the Ethereum price should soon start pushing from the $3,000 support. Likely the consolidation seen so far today is enough to offer a good base for another strong push higher.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we expect another push higher to follow from the $3,000 support. Likely ETH/USD will attempt to retrace above $3,140 by the end of the weekend.

While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.