TL;DR Breakdown
Ethereum price analysis is bullish today.ETH/USD failed to move significantly higher yesterday.The second retest of $2,600 support is currently seen.Â
Ethereum price analysis is bullish today as we expect the $2,600 support to hold and reverse the market later in the day. Likely ETH/USD will look to move to $2,750 next resistance early next week.
Cryptocurrency heat map. Source: Coin360
The market has traded slightly in the red over the last 24 hours. The leader, Bitcoin, lost 0.85 percent, while Ethereum followed with 0.26 percent. The rest of the top altcoins also saw calm but bearish price action.
Ethereum price movement in the last 24 hours: Ethereum retest $2,600 previous support
ETH/USD traded in a range of $2,595.57 – $2,679.10, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 35.53 percent, totaling $7.9 billion, while the total market cap trades around $315.7 billion, resulting in a dominance of 18 percent.
ETH/USD 4-hour chart: ETH ready to retrace?
On the 4-hour chart, we can see another test of support for the Ethereum price action, likely leading to more upside over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price saw a strong rally earlier this week, leading to a strong higher high at $3,040 on the 1st of March. After resisting further attempts to move higher, ETH/USD began to retrace on Thursday, leading back to the $2,600 support.
At the support, a clear reaction was seen as bears could not push the market any lower. A slight and steady reaction higher follows yesterday, leading to a local high at $2,680.
However, bulls also lacked the strength to push the market further. Subsequently, the Ethereum price began to steadily decline again overnight, leading to another test of support. Overall, as long as any further downside is not seen, we expect ETH/USD to begin another rally higher early next week.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bullish today as we have seen a second retest of the $2,600 support prevent further downside again. Therefore, ETH/USD should begin to rally again, likely with much stronger momentum this time.
While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.
