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

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 $3,000 major resistance.

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

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, leading to 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 so far today, likely leading to a push above $3,000 major resistance soon.

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

Wednesday, the next target at $2,750 was broken, leading to $2,850 next resistance. After a small reaction lower, ETH spiked to further upside 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 a higher low was established overnight. ETH/USD should soon test the $3,000 major resistance, which if broken, would be a very strong sign for the overall market structure.

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