TL;DR Breakdown
Ethereum price analysis is bullish today.ETH/USD quickly retraced to $2,600 yesterday.Strong buying pressure returned over the last hours.
Ethereum price analysis is bullish today as we have seen a strong push higher from the $2,600, where consolidation was formed since yesterday. Likely ETH/USD will break the $2,850 resistance and target to set a higher high.
Cryptocurrency heat map. Source: Coin360
The market has moved in the green over the last 24 hours after a quick decline over the weekend. The market leader, Bitcoin, gained 3.5 percent, while Ethereum by 0.3 percent. Terra (LUNA) is the top performer with over 9 percent gain.
Ethereum price movement in the last 24 hours: Ethereum retraces to $2,600, forms consolidation
ETH/USD traded in a range of $2,581.62 – $2,805.67, indicating substantial volatility over the last 24 hours. Trading volume has increased by 44.51 percent, totaling $19.4 billion. Meanwhile, the total market cap trades around $335 billion, resulting in a dominance of 18.46 percent.
ETH/USD 4-hour chart: ETH looks to break $2,850?
On the 4-hour chart, we can see the Ethereum price rapidly advancing over the past hours as a strong higher low formed base earlier today.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen strong signs of reversal over the past days. After a very bearish last week, a new low was briefly reached at $2,300 on the 24th of February.Â
From there, bulls quickly pushed higher, retesting the $2,750 resistance. After a slight pause, ETH/USD broke even higher, reaching $2,850 and indicating that bulls are regaining control overall.
After consolidation below the newly found high, the Ethereum price quickly dropped to $2,600 late yesterday. Another consolidation followed, indicating that a higher low had been set.Â
Over the past hours, spike higher was seen, with the $2,850 almost reached. If bulls can continue the current momentum, we should see a strong break higher over the next hours, further strengthening the overall market structure.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bullish today as we have seen a strong higher low set over the last 24 hours, followed by a strong push higher later today. Therefore, bulls are likely to look to break the $2,850 resistance and set a clear higher high again, meaning a very bullish sign for the overall trend.
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.
