- Ethereum price analysis is bullish today.
- ETH/USD slowly continue higher yesterday.
- Closest resistance at $2,700.
Ethereum price analysis is bullish today as we expect more upside after a steady advance over the last 24 hours. Likely ETH/USD will move to test the $2,700 next resistance, which if broken, would be a very bullish sign for the overall market.
The cryptocurrency market has traded with mixed results over the last 24 hours. Market leader, Bitcoin, has gained over 1 percent, while Ethereum almost 3 percent. The rest of the top altcoins have seen similar performance with few exceptions.
Ethereum price movement in the last 24 hours: Ethereum slowly continues towards previous high
ETH/USD traded in a range of $2,532.92 – $2,628.86, indicating low volatility over the last 24 hours. Trading volume has declined by 12.5 percent, totaling $11.16 billion. Meanwhile, the total market cap trades around $312.4 billion, resulting in a market dominance of 18 percent.
ETH/USD 4-hour chart: ETH looks to break $2,700?
On the 4-hour chart, we can see steady advance continuing today, likely leading to a test of the $2,700 resistance by the end of the day.
Ethereum price has seen an end to the previous massive selloff. After a final test of downside at $2,200 on the 24th of January, ETH/USD quickly reversed and spiked to $2,700.
The following retracement set higher low around $2,300 on 27th of January before starting to move higher on Friday. Since then, we have seen a slow advance towards the $2,700 mark, potentially indicating that the market lacks momentum to break higher.
However, in the case that Ethereum price breaks higher, we expect a lot more upside to follow next week. In this scenario, the overall market structure would become very bullish once again.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect the $2,700 resistance to be tested soon. If ETH/USD can break above the resistance, a lot more upside is expected early next week.