TL;DR Breakdown
- Ethereum price analysis is neutral today.
- ETH/USD continued to consolidate overnight.
- Another test of $2,500 support over the last hours.
Ethereum price analysis is neutral today as the market lacked any clear direction over the last 24 hours and consolidation between the $2,500 support and $2,600 resistance continues. Therefore, once ETH/USD breaks to either side, we can expect continuous movement in that direction.
The market has seen a slight upside over the last 24 hours. Bitcoin gained 0.38 percent, while Ethereum grew by 0.34 percent as they both continued to consolidate. The rest of the market has seen similar price action.
Ethereum price movement in the last 24 hours: Ethereum fails to break $2,500 support
ETH/USD traded in the $2,515.77 – $2,594.77 range, indicating slight volatility over the last 24 hours. Trading volume has increased by 6.39 percent, totaling $11.66 billion, while the total market cap trades around $309.8 billion, resulting in a dominance of 17.8 percent.
ETH/USD 4-hour chart: ETH moves for another test of $2,600 resistance
On the 4-hour chart, we can see the Ethereum price bouncing from the $2,500 support once more, leading back to the local resistance of $2,600.
Ethereum price action has seen trading sideways over the past days. After a sharp retracement from the previous high of $2,750, ETH/USD has successfully set a higher low above $2,500.
More upside has yet to follow as it clearly respects the $2,600 resistance each time it is tested. This indicated a potential break lower, with a quick spike to $2,500 setting lower local low.
On the other hand, it has also rejected further downside setting a slightly higher local low. Therefore, we assume the market is currently in indecision on where to go next, and a break to either side is needed before we can predict a clear direction.
Ethereum price analysis: Conclusion
Ethereum price analysis is neutral today as we have seen no clear direction with both the $2,500 support and $2,600 resistance holding strong. Likely more sideways action will continue until we see a break to either side.
While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.
