Ethereum price analysis: ETH rejects downside again, ready to spike above $2,600?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD continued to consolidate yesterday.
• A brief retest of downside seen over the last hours.

Ethereum price analysis is bullish today as the market has continued to reject downside and has formed further consolidation. Therefore, we assume a good base has been formed, and ETH/USD is ready to break higher next week.

The market has traded slightly in the red over the last 24 hours. The leader, Bitcoin, lost 0.53 percent, while Ethereum 0.84 percent. The rest of the top altcoins have followed with similar results.

Ethereum price movement in the last 24 hours: Ethereum continues to consolidate below $2,600

ETH/USD traded in a range of $2,541.32 – $2,606.44, indicating mild volatility over the last 24 hours. Trading volume has remained almost flat at $7.46 billion, while the total market cap trades around $309.46 billion, resulting in a dominance of 17.78 percent.

ETH/USD 4-hour chart: ETH rejects downside again

On the 4-hour chart, we can see the Ethereum price rejecting downside once again, likely leading to break higher early next week.

Ethereum has seen a strong push higher early this week, sending signals across the market that reversal is due. The following retracement on the 10th of March set a clear higher high, further indicating more upside should follow.

Since then, ETH/USD has mostly moved sideways as a new base from which to rally next week is prepared. Tests of downside were quickly rejected several times, further indicating that the market is ready to reverse.

Today, another retest for downside was quickly rejected, meaning that another attempt to break higher should soon follow. Overall, once the $2,600 resistance gets broken, we should see a lot more upside over the following days.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen further consolidation and rejection of downside. Therefore, ETH/USD should be ready to finally break higher and start the next week bullish.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.