- Ethereum price analysis is bullish today.
- ETH/USD saw bullish momentum return yesterday.
- $2,550 resistance currently tested.
Ethereum price analysis is bullish today as we expect more upside to follow after a higher low was set above $2,300 yesterday and bullish momentum returned since. However, the $2,550 mark could offer strong resistance if not broken over the next hours.
The market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 1.72 percent, while Ethereum has gained 2.31 percent. The rest of the top altcoins follow with similar results.
Ethereum price movement in the last 24 hours: Ethereum begins to push higher, finds resistance at $2,550 again
ETH/USD traded in a range of $2,367.83 – $2,576.46, indicating substantial volatility over the last 24 hours. Trading volume has declined by 16.66 percent, totaling $12.96 billion. Meanwhile, the total market cap trades around $303.8 billion, resulting in a market dominance of 17.72 percent.
ETH/USD 4-hour chart: ETH targets $2,700 next?
On the 4-hour chart, we can see the Ethereum price action currently attempting to break $2,550 local resistance.
Ethereum price has seen both a higher high and higher low set over the last week. After a strong rally from the $2,200 previous low, ETH/USD peaked at $2,700 on the 26th of January.
The following retracement set a higher low at $2,300 before moving into a consolidation for several days. We saw some buying pressure return late yesterday, leading ETH to $2,550 previous resistance being tested overnight.
Since then, the Ethereum price action has traded in a very narrow range, indicating indecision. If we see further downside over the next hours, we can assume that another lower high has been set, and Ethereum will start the next week bearish. However, if bullish momentum resumes, ETH/USD could quickly see the $2,700 previous high broken today.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect more upside to follow soon after the $2,550 mark gets broken. Therefore, ETH/USD will likely end the day at the $2,700 next resistance or experience another reversal.