- Ethereum price analysis is bearish today.
- ETH/USD broke past the $2,750 major resistance.
- Overall market structure has turned bullish.
Ethereum price analysis is bearish today as we expect a retracement to set a higher low over the weekend after a clear break above the $2,750 previous highs. Therefore, the weekend should see selling pressure return, as bulls take a pause after a strong break higher.
Cryptocurrency heat map. Source: Coin360
The market has seen mostly bullish trading over the last 24 hours. The leader, Bitcoin, lost 0.97 percent, while Ethereum posted a solid gain of over 2 percent. The rest of the top altcoins have also seen buyers take control.
Ethereum price movement in the last 24 hours: Ethereum sets new higher high around $2,850
ETH/USD traded in a range of $2,664.45 – $2,835.66, indicating strong volatility over the last 24 hours. Trading volume has declined by 28.25 percent, totaling $15.8 billion, while the total market cap trades around $330.4 billion, resulting in a dominance of 18.66 percent.
ETH/USD 4-hour chart: ETH looks to retrace
On the 4-hour chart, we can see the Ethereum price rejecting further upside overnight, likely leading to another push lower over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has continued to decline this week. After further series of lower lows and highs, the last push lower reached the $2,300 mark on the 24th of February.
From there, bulls quickly pushed ETH/USD back to the $2,750 resistance, which previously was tested several times. Despite rejection for further upside at first, buyers did not give up yesterday, leading to a break higher close to midnight.
Further, a new higher high was set above $2,850, potentially indicating a shift in momentum after several weeks of bearish dominance. Therefore, if the Ethereum price can set higher low during the upcoming retracement, we could see a lot more upside over the next weeks.
Ethereum price analysis: Conclusion
Ethereum price analysis is bearish today as we have seen rejection for further upside after a clear higher high was set. Therefore, ETH/USD should retrace and look to set a higher low to confirm the current attempt to reverse the several-week downswing.
While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a
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