Ethereum price analysis is bullish today.ETH/USD continued to consolidate overnight.Resistance at $2,600 still holds.
Ethereum price analysis is bullish today as we expect the current consolidation to resolve in a break higher later today. Likely the $2,600 resistance will not hold for long, leading ETH/USD to test the $2,750 resistance next.
Cryptocurrency heat map. Source: Coin360
The market has moved with mixed results over the last 24 hours. The leader, Bitcoin, lost 0.56 percent, while Ethereum 0.69 percent. Meanwhile, Ripple (XRP) is the top performer, with around an 8 percent gain.
Ethereum price movement in the last 24 hours: Ethereum consolidates below $2,600
ETH/USD traded in a range of $2,536.97 – $2,596.25, indicating mild volatility over the last 24 hours. Trading volume has declined by 34.89 percent, totaling $7.9 billion, while the total market cap has remained almost unchained at $308.7 billion.
ETH/USD 4-hour chart: ETH ready to break higher?
On the 4-hour chart, we can see the Ethereum price testing the $2,600 resistance again, likely leading to a break higher by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has seen trading in an increasingly tighter range over the past week. After a local swing high was set at $2,750 on the 9th of March, ETH/USD retraced to $2,500, setting a clear higher low.
Consolidation around this price area has followed since. Likely it will resolve to the upside as bulls demonstrated strength before. Therefore, we expect another major rally to follow as soon as more upside can be reached.
The next resistance is located at the $2,750 previous high. Once it is broken, the Ethereum price would have a clear way for a lot more upside to be reached over the rest of the month.
However, for now, the consolidation should continue. In case ETH/USD breaks lower, the overall market structure could suddenly turn very bearish once again.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen rejection for downside again over the last 24 hours. Likely ETH/USD will soon regain strength to break the $2,600 resistance and look to set further highs by the end of the weekend.