- Ethereum price analysis is bearish today.
- ETH/USD saw strong buying overnight.
- Resistance at $2,750 is currently tested.
Ethereum price analysis is bearish today as we have seen a strong rally to the $2,750 resistance. Since further upside has been rejected, we expect ETH/USD to retrace over the following days, potentially setting a higher low.
The market has seen strong buying pressure over the last 24 hours. The leader, Bitcoin, gained over 10 percent, while Ethereum followed with around 8 percent gain. Meanwhile, Terra (LUNA) is the top performer, with a gain of 26 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks local highs, spikes to $2,750 previous resistance
ETH/USD traded in a range of $2,532.99 – $2,761.80, indicating substantial volatility over the last 24 hours. Trading volume has increased by 8.83 percent, totaling $16.64 billion, while the total market cap has increased to $328 billion, leading to a dominance of 17.8 percent.
ETH/USD 4-hour chart: ETH still looks to move higher?
On the 4-hour chart, we can see the Ethereum price initially rejected at $2,750, with more attempts to move higher seen over the last hours.
Ethereum price action has seen a strong decline over the past week. From the $3,040 swing high set on the 1st of February, ETH/USD quickly retraced almost 20 percent of the $2,440 current low.
Since then, bears seem to be exhausted as the last spike lower was quickly regained. Followingly, the market consolidated below $2,600, with a break higher seen overnight.
Today, the Ethereum price quickly spiked around 6 percent of the $2,750 previous resistance. Currently, the resistance is respected, leading to believe more downside will follow over the next 24 hours.
However, if a higher low can be set, ETH/USD overall price structure could turn bullish again later in the week. We should see a new swing higher high set by the end of the month in this scenario.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen a strong push to the $2,750 resistance. Therefore, ETH/USD will likely retrace to set higher low later in the day.