- ETH continued to rally yesterday.
- $2,900 major resistance broken overnight.
- Ethereum to reach $3,200 next.
Ethereum price analysis is bullish for today as further upside was seen overnight and bullish momentum is still strong. Therefore, we expect ETH/USD to target the $3,200 mark next.
The cryptocurrency market traded with strong bullish over the last 24 hours. Market leader, Bitcoin is up by 7.16 percent, while Ethereum by 11 percent. VeChain (VET) is among the best performers with a gain of around 15 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks past $2,900 resistance
ETH/USD traded in a range of $2,727.79 – $3,087.29, indicating mild volatility over the last 24 hours. Trading volume has decreased by 6.14 percent and totals $29.16 billion. Meanwhile, the total market capitalization trades around $358.8 billion, resulting in market dominance of 20 percent.
ETH/USD 4-hour chart: ETH targets $3,200 next
On the 4-hour chart, we can see the Ethereum price continuing to rally with the $3,200 resistance as the next target.
Ethereum price action has gained more than 75 percent since the last swing low around $1,725 was retested on the 20th of July. The previous major resistance level around $2,900 was broken overnight, sending another strong signal that the overall price action momentum is becoming increasingly bullish.
ETH/USD currently continues moving further, with the $3,200 resistance as the next target. Once Ethereum reaches the next resistance, we can expect a reversal to follow as the price action has extended too far without a significant retracement over the past few days.
However, when considering the overall momentum, we can expect a lot more upside to be seen over the next weeks. The breakout above the previous major resistance around $2,900 should lead ETH towards the previous all-time high around the $4,400 mark as bulls have regained control over the market.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the next 24 hours as bulls continue pushing higher after breaking past the $2,900 resistance. Therefore, we expect ETH/USD to reach the $3,200 resistance over the weekend.
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