Ethereum price analysis: ETH trades sideways below $2,850, another test of upside incoming?
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TL;DR Breakdown
- Ethereum price analysis is bullish today.
- ETH/USD retested $2,850 resistance late yesterday.
- Marked found support at $2,700.
Ethereum price analysis is bullish today as we expect more upside to be tested after a brief retracement to $2,700 – 2,750 previous resistance area. If the $2,850 mark finally gets broken, we expect a lot more upside to quickly follow.
The market has turned bullish over the last 24 hours once again. The market leader, Bitcoin, gained 1.21 percent, while Ethereum just over 2 percent. Most of the top altcoins follow with similar results.
Ethereum price movement in the last 24 hours: Ethereum retests $2,850, drops to $2,700
ETH/USD traded in a range of $2,691.12 – $2,849.42, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 34.18 percent, totaling $10.924 billion, while the total market cap trades around $334.4 billion, resulting in a dominance of 18.81 percent.
ETH/USD 4-hour chart: ETH headed to retest $2,850
On the 4-hour chart, we can see the Ethereum price pushing higher over the last hours as the $2,700 mark offered plenty of support.
Ethereum price has seen further decline over the past week. After retesting the $2,750 resistance twice in the beginning of the week, ETH/USD made the last push lower to $2,300 on the 24th of February.
Potentially, this was the last push lower as we saw a strong recovery immediately after back to the $2,750 resistance. After a slight pause, bulls broke the resistance, and further upside was reached at $2,850 on the 26th of February.
Since then, ETH/USD has consolidated sideways between the new high at $2,850, and resistance turned support at $2,750. Overnight, bears briefly took over, resulting in a move to $2,700. However, from there, the Ethereum price quickly reversed, leading to the current push back to the $2,850 mark.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we expect another attempt to break the $2,850 resistance. If further upside is reached, ETH/USD could see a quick spike higher 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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