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Ethereum price analysis: ETH swiftly rejects from $2,600 again, ready to reverse?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD retested $2,600 previous support.
  • Strong reaction higher seen over the last hours.

Ethereum price analysis is bullish today as we have seen the $2,600 support prevent downside again today. Likely, ETH/USD sellers are finally exhausted and the market will look to retrace some of the downswing seen last week.

Ethereum price analysis: ETH swiftly rejects from $2,600 again, ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

The market has seen a strong advance over the last 24 hours. The market leader, Bitcoin, has gained 1.61 percent, while Ethereum has a more substantial 3.31 percent. The rest of the top altcoins follow close by.

Ethereum price movement in the last 24 hours: Ethereum forms double bottom at $2,600

ETH/USD traded in a range of $2,585.95 – $2,752.46, indicating substantial volatility over the last 24 hours. Trading volume has increased by 41 percent, totaling $15.7 billion, while the total market cap trades around $326.22 billion, resulting in a dominance of 18.47 percent.

ETH/USD 4-hour chart: ETH ready to push higher?

On the 4-hour chart, we can see the Ethereum price action facing another rejection from the $2,600 support, likely leading to push higher later.

Ethereum price analysis: ETH rejects from $2,600 again, ready to reverse?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen signs of reversal over the last week. After a clear lower high was set at $3,200 on the 15th of February, ETH/USD rapidly declined by over 18 percent to the $2,600 mark.

After an initial reaction higher yesterday to $2,750, selling pressure returned today, quickly pushing back to the support. ETH reacted higher again over the past hours, indicating a potential end of the downswing.

Therefore, if ETH can keep above $2,600 over the next days, we expect a reversal to follow. Likely the Ethereum price will rally to retest the previous support level at $2,850 as a resistance next. From there, another lower high will likely be set. 

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen a strong reaction from the $2,600 support once again. Likely ETH/USD has found a bottom and is ready to push higher to set another lower high later this week.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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