- Ethereum price analysis is bullish today.
- ETH/USD saw another spike lower yesterday.
- Support found above $2,900 overnight.
Ethereum price analysis is bullish today as support was found above $2,900 after another spike lower yesterday. Therefore, ETH/USD should reverse and regain some of the loss over the next 24 hours.
The market has declined over the last 24 hours with Bitcoin down by over 3 percent. Ethereum has lost 6.28 percent, with the rest of the top altcoins following.
Ethereum price movement in the last 24 hours: Ethereum continues to retrace, stops above $2,900
ETH/USD traded in a range of $2,888.66 – $3,127.45, indicating substantial volatility over the last 24 hours. Trading volume has declined by 26.57 percent, totaling $14.38 billion. Meanwhile, the total market cap trades around $348 billion, resulting in a dominance of 18.44 percent.
ETH/USD 4-hour chart: ETH looks to reverse above $2,900?
On the 4-hour chart, we can see the Ethereum price trading sideways since yesterday, indicating support has been found and a reversal is likely to follow.
Ethereum price has continued to advance this week. After more upside above the $3,000 mark at the beginning of the week, ETH/USD eventually peaked at $3,284 on the 10th of February.
From there, a quick retracement took ETH to $3,000 again, with further downside seen yesterday to the $2,900 mark. Since then, the market has moved sideways in a narrow range, potentially indicating a reversal.
In the case Ethereum price action reverses, we could see a move towards the previous high early next week. Alternatively, ETH/USD could move for an even deeper retracement, with the next support located at $2,800.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen substantial retracement to the $2,900 mark, which currently offers support. Likely ETH/USD will reverse from it and look to test upside again over the next 24 hours.