Ethereum price analysis: ETH fails to break lower, return above $2,850 next?

The market has seen more downside tests over the last 24 hours. The leader, Bitcoin, lost 1.51 percent, while Ethereum by 1.56 percent. The rest of the top altcoins declined even further.

ETH/USD traded in a range of $2,782.11 to $2,857.57, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 22.46 percent, totaling $14.63 billion, while the total market cap trades at $337.66 billion, resulting in a dominance of 19.43 percent.

On the 4-hour chart, we can see another brief spike lower over the past hours being stopped at the $2,775 support, likely meaning that more upside will follow soon.

ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen further series of lower highs set over the past week. The last one peaked at $2,980 before further decline started.

However, further lows could not be reached as the $2,775 offered strong support. Late yesterday another attempt to move lower was quickly rejected, leading to a slight reaction higher.

After some consolidation this morning, another brief spike to the support followed earlier today. Rejection for downside was seen again, leading Ethereum price above $2,800, with good potential for a further rally over the rest of the weekend.

Ethereum price analysis is bullish today as we have seen the $2,775 mark offering support twice over the last 24 hours. Therefore, reaction higher should follow next and lead ETH/USD back above $2,850.