Ethereum price analysis: ETH spikes to $3,000, another swift retracement incoming?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD continued to rally overnight.
• Strong higher high set at $3,000 over the past hours.

Ethereum price analysis is bearish today as we expect a reversal to follow after a strong higher high was set at $3,000 over the last hours. Likely ETH/USD bulls are now exhausted, and another higher low will be set before more upside is seen later in the week.

The market has traded in the green over the last 24 hours. Bitcoin gained 7.16 percent, while Ethereum 4.86 percent. The rest of the market followed with similar results.

Ethereum price movement in the last 24 hours: Ethereum continues higher, clearly breaks $2,850 resistance

ETH/USD traded in a range of $2,795.63 – $3,029.65, indicating strong volatility over the last 24 hours. Trading volume has increased by 9.15 percent, totaling $21.55 billion, while the total market cap trades around $352 billion, resulting in a dominance of 18.38 percent.

ETH/USD 4-hour chart: ETH rejects further upside at $3,000

On the 4-hour chart, we can see the Ethereum price peaking above $3,000, indicating that a strong higher high has been set and a retracement will follow.

Ethereum price action has seen strong signs of recovery over the past days. After a quick rebound from the $2,300 low, which was set on the 24th of February, ETH/USD broke the previous high and moved to $2,850 next resistance.

Therefore, a clear higher high was set, indicating a change in the overall direction. From there, a strong higher low was set at $2,600 on the 27th of February, further strengthening the trend reversal.

Yesterday, the Ethereum price continued to advance, breaking past $2,850 previous resistance. More upside was seen until $2,950, where the market formed consolidation for most of today. However, another quick spike higher followed over the past hours, likely indicating the new higher high has been set.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a strong spike higher to $3,000 over the last hours met with clear rejection. Therefore, we assume ETH/USD has set a strong higher high and now looks to retrace some of the gains.

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.