Ethereum
$ 1,163.10 3.56%
Solana
$ 36.21 6.85%
Dogecoin
$ 0.067615 7.29%
ApeCoin
$ 5.07 1.56%
Bitcoin
$ 20,302.00 3.16%
BNB
$ 232.87 0.76%

Ethereum price analysis: ETH rallies back to $2,750, looks to break higher?

Ethereum Price analysis

TL;DR Breakdown

  • 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.

Ethereum price analysis: ETH rallies back to $2,750, looks to break higher? 1
Cryptocurrency heat map. Source: Coin360

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 analysis: ETH rallies back to $2,750, looks to break higher?
ETH/USD 4-hour chart. Source: TradingView

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.

While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.

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.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records