Ethereum price analysis is bullish today.ETH/USD saw a clear break of $2,600 resistance late yesterday.Spike to $2,750 next resistance seen overnight.
Ethereum price analysis is bullish today as we have seen a clean break out of the previous consolidation area and further upside tested at the $2,750 next major resistance. Therefore, ETH/USD is likely now ready to rally and finally set a higher swing high later in the week.
Cryptocurrency heat map. Source: Coin360
The market has seen more upside tested over the last 24 hours. The leader, Bitcoin, gained 3.48 percent, while Ethereum 4.63 percent. The rest of the top altcoins followed close by with few exceptions, such as Terra (LUNA).
Ethereum price movement in the last 24 hours: Ethereum spikes to $2,750, lower high set for now
ETH/USD traded in a range of $2,571.38 – $2,722.99, indicating strong volatility over the last 24 hours. Trading volume has increased by 44.89 percent, totaling $16.66 billion, while the total market cap trades around $325.35 billion, resulting in a dominance of 18.1 percent.
ETH/USD 4-hour chart: ETH moving for the second test of $2,750 resistance?
On the 4-hour chart, we can see the Ethereum price moving higher again today after a brief retest of the $2,600 mark as support, indicating more upside should soon follow.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen calm trading over the past week ever since support was found around $2,550 on the 11th of May. Resistance level was further established around $2,600, forming a clear consolidation area that could not be broken until late yesterday.
After an initial quick drop to $2,500 on Monday, ETH/USD saw further downside rejected, while the $2,600 mark still offered resistance. Therefore, the market was in indecision on where to go next until the break happened.
Close to the end of the day, the Ethereum price spiked to $2,675, finally setting a clear indication for bullish market sentiment forming. After a quick retest of previous resistance as support, ETH/USD rallied almost to $2,750, further strengthening the market.
Since then, bulls have steadily pushed ETH higher. The $2,750 should be reached soon and, if broken, would be a very bullish signal for the upcoming weeks.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen substantial advance over the last 24 hours lead to the $2,750 next major resistance. Overnight, the previous resistance at $2,600 was retested as support before more upside followed, indicating that bulls are still in control.