Ethereum price analysis is bullish today.ETH/USD continued to consolidate.Another push is likely incoming.
Ethereum price analysis is bullish today as we have seen consolidation formed close to previous support at $3,000. Therefore, we expect ETH/USD to rally again and look to move past the $3,140 previous resistance.
Cryptocurrency heat map. Source: Coin360
The market has moved in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 0.55 and 0.5 percent, respectively. Meanwhile, the rest of the top altcoins followed close by.
Ethereum price movement in the last 24 hours: Ethereum forms consolidation in a narrow range
ETH/USD traded in a range of $3,001.12 – $3,046.20, indicating a narrow range over the last 24 hours. Trading volume has declined by 33.99 percent, totaling $9.33 billion, while the total market cap trades around $366.23 billion, resulting in a dominance of 19.45 percent.
ETH/USD 4-hour chart: ETH ready to break higher?
On the 4-hour chart, we can see narrow consolidation for the Ethereum price action, likely leading to more upside over the next days.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has found a new low this week at the $2,950 support. The following retracement moved to retest the $3,140 resistance and set another lower high.
However, more downside is yet to follow as another high local low was set at $3,000. Since then, ETH/USD has consolidated sideways, indicating that bulls are not yet ready to push higher and sellers are exhausted.
Therefore, we expect the Ethereum price action to move higher again over the next 24 hours. Likely the $3,140 previous resistance will be retested, and further retracement will follow.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen narrow consolidation above the $3,000 support. Likely ETH/USD will continue even higher from there and move to test the $3,140 resistance.