Ethereum price analysis: ETH spikes higher, tests $2,750 resistance

TL;DR Breakdown

• Ethereum price analysis is bearish today.
• ETH/USD saw strong buying overnight.
• Resistance at $2,750 is currently tested.

Ethereum price analysis is bearish today as we have seen a strong rally to the $2,750 resistance. Since further upside has been rejected, we expect ETH/USD to retrace over the following days, potentially setting a higher low.

The market has seen strong buying pressure over the last 24 hours. The leader, Bitcoin, gained over 10 percent, while Ethereum followed with around 8 percent gain. Meanwhile, Terra (LUNA) is the top performer, with a gain of 26 percent.

Ethereum price movement in the last 24 hours: Ethereum breaks local highs, spikes to $2,750 previous resistance

ETH/USD traded in a range of $2,532.99 – $2,761.80, indicating substantial volatility over the last 24 hours. Trading volume has increased by 8.83 percent, totaling $16.64 billion, while the total market cap has increased to $328 billion, leading to a dominance of 17.8 percent.

ETH/USD 4-hour chart: ETH still looks to move higher?

On the 4-hour chart, we can see the Ethereum price initially rejected at $2,750, with more attempts to move higher seen over the last hours.

Ethereum price action has seen a strong decline over the past week. From the $3,040 swing high set on the 1st of February, ETH/USD quickly retraced almost 20 percent of the $2,440 current low.

Since then, bears seem to be exhausted as the last spike lower was quickly regained. Followingly, the market consolidated below $2,600, with a break higher seen overnight.

Today, the Ethereum price quickly spiked around 6 percent of the $2,750 previous resistance. Currently, the resistance is respected, leading to believe more downside will follow over the next 24 hours.

However, if a higher low can be set, ETH/USD overall price structure could turn bullish again later in the week. We should see a new swing higher high set by the end of the month in this scenario.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a strong push to the $2,750 resistance. Therefore, ETH/USD will likely retrace to set higher low later in the day.

While waiting for Ethereum to move further, see our articles on how to buy land in Metaverse, How to close a Coinbase account, and how to transfer crypto from Coinbase to Robinhood.