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Ethereum price analysis: ETH breaks consolidation at $2,600, ready to rally?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD saw a clear break of $2,600 resistance late yesterday.
  • Spiked to $2,750; next resistance seen overnight.

Ethereum price analysis is bullish today as we have seen a clean break out of the previous consolidation area and made further upside testing the next major resistance at $2,750. ETH/USD may finally be ready to rally and go on a higher trajectory later in the week.

Ethereum price analysis: ETH breaks consolidation at $2,600, ready to rally? 1
Cryptocurrency heat map. Source: Coin360

The market has seen more upside over the last 24 hours. The leader, Bitcoin, gained 3.48 percent, while Ethereum 4.63 percent. The rest of the top altcoins followed close with a few exceptions, such as Terra (LUNA).

Ethereum price movement in the last 24 hours: Ethereum spikes to $2,750, lower high set for now

ETH/USD traded in the $2,571.38 – $2,722.99 range, indicating strong volatility over the last 24 hours. Trading volume has increased by 44.89 percent, totaling $16.66 billion, while the total market cap sits around $325.35 billion, resulting in a dominance of 18.1 percent.

ETH/USD 4-hour chart: ETH moving for the second test of $2,750 resistance?

On the 4-hour chart, we can see the Ethereum price moving higher today after a brief retest of the $2,600 mark as support, indicating more upside movement in the short-term. 

Ethereum price analysis: ETH breaks consolidation at $2,600, ready to rally?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has slowed down and consolidated over the past week since it found support around $2,550 on the 11th of May. Resistance level was further established around $2,600, forming a clear consolidation area that held until late yesterday.

After an initial brief drop to $2,500 on Monday, ETH/USD saw further downside rejected, while the $2,600 mark still offered resistance. Hence, the market was indecisive until the recent breakout.

Close to the end of the day, the Ethereum price spiked to $2,675, finally indicating a clear bullish market sentiment. After a quick retest of previous resistance as support, ETH/USD rallied almost to $2,750, further strengthening the market.

Since then, bulls have steadily pushed ETH higher. The $2,750 is the next target and is in sight. If broken, it would signal further bullish movement for the upcoming weeks.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen substantial advances over the last 24 hours lead to the next major resistance at $2,750. It retested the previous resistance at $2,600 as support overnight before more upside followed, indicating that bulls are still in control.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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.

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