- Ethereum price analysis is bearish today.
- ETH/USD broke past the $2,750 major resistance.
- Overall market structure has turned bullish.
Ethereum price analysis is bearish today as we expect a retracement to set a higher low over the weekend after a clear break above the $2,750 previous highs. Therefore, the weekend should see selling pressure return, as bulls take a pause after a strong break higher.
The market has seen mostly bullish trading over the last 24 hours. The leader, Bitcoin, lost 0.97 percent, while Ethereum posted a solid gain of over 2 percent. The rest of the top altcoins have also seen buyers take control.
Ethereum price movement in the last 24 hours: Ethereum sets new higher high around $2,850
ETH/USD traded in a range of $2,664.45 – $2,835.66, indicating strong volatility over the last 24 hours. Trading volume has declined by 28.25 percent, totaling $15.8 billion, while the total market cap trades around $330.4 billion, resulting in a dominance of 18.66 percent.
ETH/USD 4-hour chart: ETH looks to retrace
On the 4-hour chart, we can see the Ethereum price rejecting further upside overnight, likely leading to another push lower over the next 24 hours.
Ethereum price action has continued to decline this week. After further series of lower lows and highs, the last push lower reached the $2,300 mark on the 24th of February.
From there, bulls quickly pushed ETH/USD back to the $2,750 resistance, which previously was tested several times. Despite rejection for further upside at first, buyers did not give up yesterday, leading to a break higher close to midnight.
Further, a new higher high was set above $2,850, potentially indicating a shift in momentum after several weeks of bearish dominance. Therefore, if the Ethereum price can set higher low during the upcoming retracement, we could see a lot more upside over the next weeks.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen rejection for further upside after a clear higher high was set. Therefore, ETH/USD should retrace and look to set a higher low to confirm the current attempt to reverse the several-week downswing.