- Ether price analysis is bullish today.
- ETH/USD continued to consolidate overnight.
- Resistance at $2,600 remains in place.
Ether price analysis is bullish today as we expect the current consolidation to break higher later today. The resistance at $2600 may not last long, leading to the next test of resistance at $2750 for ETH/USD.
Cryptocurrency heat map. Source: Coin360
Over the past 24 hours, the market has seen a mixed trend. The leader Bitcoin is down 0.56%, while Ether is down 0.69%. Meanwhile, Ripple (XRP) has been the best performer, up about 8%.
Ether price action in the last 24 hours: Ether consolidating below $2,600
ETH/USD traded in a range of $2,536.97 to $2,596.25, indicating little volatility in the last 24 hours. Trading volume fell by 34.89% to a total of $7.9 billion, while the total market capitalization was almost unrestricted at $308.7 billion.
ETH/USD 4-hour chart: Is ETH ready for a breakout?
On the 4-hour chart, we can see that the Ether price is testing the $2,600 resistance level again and could break higher by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ether prices have been trading in an increasingly narrow range over the past week. After a local volatility high set at $2,750 on March 9, ETH/USD retreated to $2,500, hitting a significantly higher low.
From there, consolidation around this price area ensued. As the bulls have shown strength before, it could settle to the upside. As a result, we expect another major rally to occur once more upside is gained.
The next resistance level is at the previous high of $2,750. Once it is broken, Ether prices will have a clear way to reach more upside for the rest of the month.
However, for the time being, consolidation should continue. If ETH/USD falls below, the overall market structure could suddenly become very bearish again.
Ether Price Analysis: Conclusion
Today Ether price analysis is bullish as we have seen the decline rejected again in the last 24 hours. Probably ETH/USD will regain strength soon to break the $2,600 resistance level and is expected to hit a new high before the end of the weekend.
While we wait for further developments in Ether, see our articles on the cryptocurrency Launchpad, DeFi 101, and what you should know about DAO.
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