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Ethereum price analysis: ETH still consolidates above $2,950, ready to reverse?

Ethereum

www.cryptopolitan.com 23 April 2022 14:21, UTC
  
Reading time: ~2 m

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD rejected downside again this morning.
  • Consolidation continued over the last hours.

Ethereum price analysis is bullish today as we expect the $2,950 mark to offer enough support to reverse the market by the end of the weekend. Likely, ETH/USD will look to return above $3,000 over the next 24 hours and attempt another strong push higher.

Ethereum price analysis: ETH still consolidates above $2,950, ready to reverse?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen a strong reaction higher during the first days of the week. New higher local high was set around $3,160 on 20 April 2022, with a retest of the new high a day later.

From there, retracement followed during the middle of the week, quickly leading ETH/USD to the $2,950 support. After a second attempt to break lower, the market moved into consolidation, indicating that a reversal will soon take place.

Today, a slight test for downside was immediately rejected, potentially meaning that more upside could come soon. Once the Ethereum price action can return above $3,000, we expect a strong rally to begin again.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen strong support at $2,950 stop the market from further downside over the last 24 hours. Therefore, ETH/USD is likely ready to reverse and rally higher again by the end of the month.

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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