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Ethereum Price Analysis: ETH fails to move above $3,300, another retracement today?

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Ethereum price analysis is bearish for the next 24 hours as the market still fails to reach further highs above the $3,300 mark. Therefore, we expect ETH/USD to retrace and retest the previous low of around $3,100 later today.

Ethereum Price Analysis: ETH fails to move above $3,300, another retracement today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades in the green today, with the market leader, Bitcoin, up by 2.63 percent and Ethereum up by 3.45 percent. Solana (SOL) is among the best performers, with a gain of 38 percent.

Ethereum price movement in the last 24 hours: Ethereum attempts to break $3,300 again

ETH/USD traded in a low volatility range of $3,117.79 – $3,333.99, while the trading volume has increased by 22.95 percent and totals $23 billion. Meanwhile, the total market capitalization trades around $384.4 billion, resulting in market dominance of 18.85 percent.

ETH/USD 4-hour chart: ETH looks to retrace again?

On the 4-hour chart, we can see the Ethereum price failing to reach further highs and rejecting further upside, which should lead to another retracement later today.

Ethereum Price Analysis: ETH fails to move above $3,300, another retracement today?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong bullish momentum over the past weeks. After retesting the previous major swing low around $1,725, ETH/USD started to rally and eventually broke past the $2,900 resistance.

Last week, Ethereum price moved past the $3,000 mark and started to slow its advance until the $3,300 mark was eventually reached. However, the current momentum seems exhausted, and we can expect ETH/USD to pivot lower later today.

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The first support is located around the $3,100 mark, with further support around the $3,000 mark. If Ethereum can hold above these price levels, we can still expect further upside later this week. Alternatively, we could see a several-week reversal as Ethereum looks to retrace further.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bearish today as further upside could not be reached over the last 24 hours. Therefore, we expect ETH/USD to retrace later today and retest the previous low of around $3,100.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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