Ethereum price analysis: ETH continues to consolidate around $2,900, ready to spike higher?
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TL;DR Breakdown
- Ethereum price analysis is bullish today.
- ETH/USD continued to consolidate yesterday.
- Buying pressure returned this morning.
Ethereum price analysis is bullish today as we expect more upside to follow after the current consolidation is resolved. Likely ETH/USD will move above the $2,950 local resistance and regain more of the previous loss over the next days.
The market has seen mixed results over the last 24 hours. While the leaders, Bitcoin and Ethereum, are up by 0.89 and 1.48 percent, respectively, the rest of the top altcoins are mostly in the red.
Ethereum price movement in the last 24 hours: Ethereum fails to breach $2,950, continues to consolidate
ETH/USD traded in a range of $2,840.26 – $2,957.96, indicating mild volatility over the last 24 hours. Trading volume has increased by 27.58 percent, totaling $12.14 billion. Meanwhile, the total market cap trades around $350.8 billion, resulting in a dominance of 18.48 percent.
ETH/USD 4-hour chart: ETH looks to break $2,950 resistance again
On the 4-hour chart, we can see the Ethereum price action pushing higher again over the last hours as bulls are still eager to regain the previous loss.
Ethereum price set strong higher high last week. After several days of strong bullish momentum, the new high was set just below $3,300.
From there, ETH/USD gave up and retraced to $3,000, setting lower local low. More downside was tested on the 11th of February, leading to the $2,850 mark next.
Since then, the Ethereum price action has consolidated around the support. Slightly more downside was tested overnight, with bullish momentum pushing ETH to the $2,950 resistance today.
Likely we will see the local resistance break as sellers are exhausted. The previous support level around $3,050 could be the one to watch for a lower high to be set over the next days.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen more consolidation and rejection for the downside. Therefore, we expect ETH/USD to pivot soon, break the $2,950 local resistance and test more upside over the next 24 hours.
While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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