Ethereum price analysis: ETH continues to retrace, finds resistance at $2,950

• Ethereum price analysis is bullish today.

• ETH/USD continued higher overnight.

• Next resistance at $2,950 is currently tested.

Ethereum price analysis is bearish today as we have seen a strong push higher continue and test of downside quickly rejected. Therefore, ETH/USD will likely soon break past the $2,950 next resistance and look to set another lower high later in the week.

The market has moved in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 3.47 and 3.05 percent, while the rest of the altcoins followed closely.

Ethereum price movement in the last 24 hours: Ethereum continued to retrace

ETH/USD traded in a range of $2,842.66 to $2,939.98, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 24.97 percent, totaling $16.14 billion, while the total market cap trades around $346.43 billion, resulting in a dominance of 19.31 percent.

ETH/USD 4-hour chart: ETH looks to break past $2,950

On the 4-hour chart, we can see the Ethereum price action continuing to advance as the retracement is not yet finished.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen further downside tested so far this week. After the last lower swing high was set around $3,040 on 26 April 2022, ETH/USD spiked lower again, quickly reaching another lower low at $2,780.

Rejection soon followed as bears were exhausted, leading to a retracement ever since. So far, Ethereum has already regained most of the previous loss as it currently tests the $2,950 resistance.

Rejection lower was briefly seen over the past hours, indicating that buying pressure is still strong. Overall, the current Ethereum price action indicates that more upside will be seen over the next 24 hours.

Ethereum price analysis: Conclusion

Ethereum price analysis is bullish today as we expect further retracement after a test of the downside was quickly rejected over the past hours. Therefore, ETH/USD will likely move a lot higher and look to test the $3,000 mark next.