Ethereum price analysis is bullish today.ETH/USD continued to decline yesterday.Support $2,600 respected overnight.
Ethereum price analysis is bullish today as we expect the $2,600 support to reverse the market over the next hours. However, the considerable retracement does indicate that the overall market structure is not as strong anymore.
Cryptocurrency heat map. Source: Coin360
The market has moved in the red over the last 24 hours. The leader, Bitcoin, lost 5.08 percent, while Ethereum 3.3 percent. The rest of the top altcoins followed close by
Ethereum price movement in the last 24 hours: Ethereum finds support at $2,600
ETH/USD traded in a range of $2,587.75 – $2,725.29, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 14.49 percent, totaling $12.38 billion, while the total market cap trades around $316.25 billion, resulting in a dominance of 18.01 percent.
ETH/USD 4-hour chart: ETH looks to reverse?
On the 4-hour chart, we cans ee the Ethereum price failing to move any lower so far today, likely indicating an upcoming reversal.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen a strong increase this week. After a strong higher high was set at $2,600 at the beginning of the week, ETH/USD quickly gained around 18 percent to the $3,040 mark.
Therefore, a strong higher high was set, indicating that the market structure has turned bullish once again. From there, bears began to retrace as bulls were finally exhausted.
Early yesterday, the $2,750 support was clearly broken, meaning more downside to follow. Later in the day, another strong spike lower took the market to previous major support at $2,600.
Overnight, further downside was rejected, indicating reversal to come. So far, not much upside has been seen, however, bulls are starting to increase their pressure.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a reaction at the $2,600 previous support. Therefore, ETH/USD will likely start moving higher despite the strong selloff earlier indicating weakness in the overall market.