- Ethereum price analysis is bullish today.
- ETH/USD set higher low at $2,500 overnight.
- Strong buying pressure is seen over the last hours.
Ethereum price analysis is bullish today as we can see a strong reaction from the $2,500 support over the last hours. Likely ETH/USD will breach the $2,700 previous high soon and look to set another higher high.
The crypto market has traded in the red over the last 24 hours with bullish momentum returning this morning. The market leader, Bitcoin is down by 1.01 percent, while Ethereum is already in the green with a gain of 0.66 percent.
Ethereum price movement in the last 24 hours: Ethereum retraces to $2,500, rejects further downside
ETH/USD traded in a range of $2,489.07 – $2,622.56, indicating strong volatility over the last 24 hours. Trading volume has increased by 18.32 percent, totaling $11.74 billion. Meanwhile, the total market cap trades around $311.3 billion, resulting in a market dominance of 18.16 percent.
ETH/USD 4-hour chart: ETH looks to break $2,700?
On the 4-hour chart, we can see Ethereum gaining momentum over the last hours, likely leading to a new higher high set by the end of the day.
Ethereum price has slowly gained bullish momentum over the last week. After a quick reaction to $2,700, ETH/USD set a higher low around $2,300 on Thursday.
Push higher followed over the weekend, leading slightly above $2,600. However, the previous high could not be reached, sending ETH back to retest previous resistance as support at $2,500.
Overnight, the Ethereum price action quickly pushed to $2,500, with no further downside seen since. Since ETH/USD has started to react higher over the past hours, we can assume another clear higher low has been established. Therefore, we should see another higher high set soon, further indicating a bullish market structure.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong reaction from the $2,500 support. Therefore, we expect ETH/USD to breach the next resistance at $2,700 by the end of the day and look to set another strong higher high.