Ethereum price analysis: ETH still holds below $3,200, retracement slowly incoming?

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD found resistance at $3,200 yesterday.
• Resistance is currently retested.

Ethereum price analysis is bearish today as we expect a new swing high to bet set at the $3,200 mark. Therefore, unless ETH/USD breaks higher later today, we expect retracement to begin.

The market has seen further buying over the last 24 hours. The leader, Bitcoin, gained 1.66 percent, while Ethereum 3.8 percent. Meanwhile, the rest of the top altcoins follow close by.

Ethereum price movement in the last 24 hours: Ethereum sets higher low at $3,040, tests $3,200 resistance again

ETH/USD traded in a range of $3,038.38 – $3,204.90, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 14.,42 billion, while the total market cap trades around $279.94 billion, resulting in a market dominance of 18.84 percent.

ETH/USD 4-hour chart: ETH rejected from $3,200 again

On the 4-hour chart, we can see the Ethereum price failing to reach further upside above $3,200 again, indicating an upcoming retracement.

Ethereum price action has seen strong bullish momentum over the past weeks. After another strong higher high was set at $2,600 on the 3rd of February, ETH/USD rallied by around 23 percent to the $3,200 mark.

The following reaction lower set higher local low at $3,040 late yesterday, indicating more attempts to push higher will follow. Overnight, consolidation formed, allowing for bulls to take a pause before starting to push the market higher in the morning.

Since then, the Ethereum price has retested the $3,200 resistance. Currently, rejection for further upside is seen again, likely leading ETH/USD into a retracement over the next days as the market is very extended overall.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen another retest of the previous high result in a rejection lower. Likely bulls are finally exhausted and ETH/.USD is ready to make a more substantial retracement.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.