- Ethereum price analysis is bullish today.
- ETH/USD reclaimed previous loss late yesterday.
- Resistance at $2,750 retested again.
Ethereum price analysis is bullish today as we have seen quick rally back to $2,750 resistance over the last 24 hours. After a reaction to $2,600 earlier today, we currently see more attempts to break higher, potentially leading to a break higher.
The market has seen strong buying over the last 24 hours. The leader, Bitcoin, gained over 10 percent, while Ethereum 11.78 percent. Meanwhile, Terra (LUNA) is the top-performing altcoin, with a gain of over 16 percent.
Ethereum price movement in the last 24 hours: Ethereum briefly retests $2,750, consolidates around $2,600
ETH/USD traded in a range of $2,438.22 – $2,727.14, indicating strong volatility over the last 24 hours. Trading volume has declined by 11.57 percent, totaling $21.1 billion, while the total market cap trades around $319 billion, resulting in a dominance of 18.28 percent.
ETH/USD 4-hour chart: ETH ready to test $2,750 again?
On the 4-hour chart, we can see the Ethereum price action consolidating for most of the day before another push high began over the past hours, potentially leading to a break higher.
Ethereum price has seen more downside over the past week. After further lows were set at $2,600 and $2,500, ETH/USD established a clear resistance area at $2,750 while still continuing to test further lows.
The biggest wave to the downside was seen overnight to the 24th of February, leading to the next major support at $2,300 tested. From there, bulls quickly regained previous loss, returning the marker to the $2,750 resistance late yesterday.
Sharp reaction lower was immediately seen, leading to a consolidation above $2,600. Further downside surprisingly did not follow, leading to the current test of the resistance once again.
Therefore, if we see the Ethereum price breaking the $2,750 mark, we could expect a serious trend reversal next week. Alternatively, if the resistance holds, ETH/USD is likely headed back towards the $2,300.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a strong rally to the $2,750 mark late yesterday. After a reaction lower to $2,600, ETH/USD formed consolidation, which could serve as the base for a break above the current major resistance.