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Ethereum price analysis: ETH bounces from $2,850 support, ready to rally further?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD found support at $2,850 yesterday.
  • Buying pressure strong since morning.

Ethereum price analysis is bullish today as we have seen a higher low established around $2,850 overnight, leading to a reversal to the upside this morning. Therefore, we expect ETH/USD to continue higher and break the major resistance at $3,000.

Ethereum price analysis: ETH bounces from $2,850 support, ready to rally further? 1
Cryptocurrency heat map. Source: Coin360

The market has recorded mostly bullish results despite Bitcoin declining by 0.65 percent. Ethereum gained 3.17 percent, with the rest of the top altcoins following closely.

Ethereum price movement in the last 24 hours: Ethereum sets higher low at $2,850

ETH/USD traded in a range of $2,826.11 – $2,954.56, indicating a substantial amount of volatility over the last 24 hours. Trading volume has increased by 24.35 percent, totaling $15.25 billion, while the total market cap trades around $354.33 billion, accounting for a dominance of 18.85 percent.

ETH/USD 4-hour chart: ETH ready to break $3,000?

On the 4-hour chart, we can see the Ethereum price action rapidly moving higher today, likely leading to a push above the $3,000 major resistance soon.

Ethereum price analysis: ETH bounces from $2,850 support, ready to rally further?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen a strong rally over the past few days. After several days of consolidation below the $2,600 resistance, ETH/USD began to advance on the 15th of March.

It smashed through the next target at $2,750 on Wednesday, leading to the next resistance at $2,850. After a small reaction in the negative direction, ETH spiked further during the middle of Friday, leading to the next major resistance at $3,000.

Since then, the resistance has led the Ethereum price to a quick 5 percent retracement to retest previous resistance as support at $2,850. The market began to consolidate late yesterday, leading to a new higher low established overnight.

This morning, ETH/USD continued higher and has so far almost reached the $3,000 mark. As long as the current buying pressure persists, we should reach further highs over the next 24 hours.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen buying pressure return after it established a higher low overnight. ETH/USD should soon test the $3,000 major resistance, which would be a very strong sign for the overall market structure if it breaks past this mark.

While waiting for Ethereum to move further, see our articles on where to buy Dogelon Mars, how to stake CRO, and how to buy XYO

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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