Ethereum price analysis is bullish today.ETH/USD retested $2,850 resistance late yesterday.Marked found support at $2,700.
Ethereum price analysis is bullish today as we expect more upside to be tested after a brief retracement to $2,700 – 2,750 previous resistance area. If the $2,850 mark finally gets broken, we expect a lot more upside to quickly follow.
Cryptocurrency heat map. Source: Coin360
The market has turned bullish over the last 24 hours once again. The market leader, Bitcoin, gained 1.21 percent, while Ethereum just over 2 percent. Most of the top altcoins follow with similar results.
Ethereum price movement in the last 24 hours: Ethereum retests $2,850, drops to $2,700
ETH/USD traded in a range of $2,691.12 – $2,849.42, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 34.18 percent, totaling $10.924 billion, while the total market cap trades around $334.4 billion, resulting in a dominance of 18.81 percent.
ETH/USD 4-hour chart: ETH headed to retest $2,850
On the 4-hour chart, we can see the Ethereum price pushing higher over the last hours as the $2,700 mark offered plenty of support.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen further decline over the past week. After retesting the $2,750 resistance twice in the beginning of the week, ETH/USD made the last push lower to $2,300 on the 24th of February.
Potentially, this was the last push lower as we saw a strong recovery immediately after back to the $2,750 resistance. After a slight pause, bulls broke the resistance, and further upside was reached at $2,850 on the 26th of February.
Since then, ETH/USD has consolidated sideways between the new high at $2,850, and resistance turned support at $2,750. Overnight, bears briefly took over, resulting in a move to $2,700. However, from there, the Ethereum price quickly reversed, leading to the current push back to the $2,850 mark.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect another attempt to break the $2,850 resistance. If further upside is reached, ETH/USD could see a quick spike higher over the next 24 hours.