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.
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.
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: Conclusion
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.