Ethereum price analysis is neutral today.ETH/USD continued to consolidate overnight.Another test of $2,500 support over the last hours.
Ethereum price analysis is neutral today as the market has seen no clear direction over the last 24 hours as a consolidation between $2,500 support and $2,600 resistance continues. Therefore, once ETH/USD breaks to either side, we can expect a follow-up push to either side.
Cryptocurrency heat map. Source: Coin360
The market has seen a slight upside over the last 24 hours. The leader, Bitcoin, gained 0.38, while Ethereum by 0.34 as they both continued to consolidate. The rest of the market has seen similar price action.
Ethereum price movement in the last 24 hours: Ethereum fails to break $2,500 support
ETH/USD traded in a range of $2,515.77 – $2,594.77, indicating slight volatility over the last 24 hours. Trading volume has increased by 6.39 percent, totaling $11.66 billion, while the total market cap trades around $309.8 billion, resulting in a dominance of 17.8 percent.
ETH/USD 4-hour chart: ETH moves for another test of $2,600 resistance
On the 4-hour chart, we can see the Ethereum price bouncing from the $2,500 support once more, leading back to the local resistance of $2,600.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen trading sideways over the past days. After a sharp retracement from the $2,750 previous high, ETH/USD has effectively set a higher low above $2,500.
More upside has yet not followed as the $2,600 resistance gets clearly respected each time it is tested. This indicated a potential break lower, with a quick spike to $2,500 setting lower local low.
However, further downside has also been rejected since, with slightly higher local low. Therefore, we assume the market is currently in indecision on where to go next, and a break to either side is needed before further direction can be decided.
Ethereum price analysis: Conclusion
Ethereum price analysis is neutral today as we have seen no clear direction as both the $2,500 support and $2,600 resistance still holds. Likely more sideways action will continue until a break higher to either side is seen.