- Ethereum price analysis is bullish today.
- ETH/USD continued to decline overnight.
- Next minor support at $2,600 was reached.
Ethereum price analysis is bullish today as we have seen further downside tested over the last 24 hours, leading to the next support at $2,600 over the past hours. Therefore, ETH/USD sellers are likely exhausted, and recovery should follow over the next days.
The market has remained bearish over the last 24 hours. The market leader, Bitcoin, lost 3.84 percent, while Ethereum followed with 3.09 percent. Meanwhile, Ripple (XRP) still trades against the overall trend, gaining over 2 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks past $2,700, finds support at $2,600 for now
ETH/USD traded in a range of $2,610.70 – $2,789.69, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 20.21 percent, totaling $11.48 billion, while the total market cap trades around $317.83 billion, resulting in a dominance of 18.19 percent.
ETH/USD 4-hour chart: ETH set to correct higher?
On the 4-hour chart, we can see the Ethereum price reacting at the $2,600 support, likely leading to a recovery of some of the previous losses over the next days.
Ethereum price action has seen strong signs of reversal this week. After previously setting a new major swing high below $3,300, ETH/USD failed to reach further upside on the 15th of February as a lower high was set at $3,200.
Since then, sellers have taken over the market. The previous low at $2,850 did not offer much support, leading to more downside tested over the past days.
Currently, the Ethereum price has already lost over 18 percent from the last high, meaning that sellers should be exhausted. Therefore, we expect ETH/USD to see a reversal soon.
Likely bulls will push towards the $2,850 previous support to retest it as a resistance. Once another lower high is set, we expect bears to take over again late next week.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect a reaction higher from the $2,600 support as we expect exhaustion for sellers. Likely ETH/USD will retrace some of the previous loss over the next days and look to retest the previous low at $2,850 as resistance.