Ethereum price analysis is bullish today.ETH/USD broke past $2,850 resistance yesterday.The closest resistance is now around $3,000.
Ethereum price analysis is bullish today as we expect more upside to follow as the momentum is still strong after a rally towards $3,000 yesterday. Likely the current consolidation will resolve into more upside being tested, potentially leading to swing higher high set later.
Cryptocurrency heat map. Source: Coin360
The market has moved higher over the last 24 hours as bulls remained in control. The leader, Bitcoin, gained 2.79 percent, while Ethereum 4.54 percent. The rest of the top altcoins have performed even better, with Avalanche (AVAX) gaining over 12 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies towards $3,000, forms consolidation
ETH/USD traded in a range of $2,797.42 – $2,973.62, indicating substantial volatility over the last 24 hours. Trading volume has increased by 19.69 percent, totaling $15 billion, while the total market cap trades around $356.34 billion, resulting in a dominance of 18.8 percent.
ETH/USD 4-hour chart: ETH looks to break $3,000 next?
On the 4-hour chart, we can see the Ethereum price action currently consolidating, likely as bulls prepare to finally break the previous swing high.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong rally this week out of the previous consolidation. Once the $2,600 mark was broken on the 15th of March, ETH/USD quickly pushed to break the $2,750 next resistance.
Some resistance was later found below $2,850 on the 17th of March. However, after a slight retest of the downside, a quick spike took the market even higher yesterday.
Right now, we can see the Ethereum price consolidating again just below the $3,000. Significant reaction lower is yet to be seen, potentially meaning that bulls are still ready to push even higher.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen strong advances over the last 24 hours lead to the $3,000 resistance. Likely more upside will soon be reached as a slight upsurge has been seen over the last hours.