- Ethereum price analysis is bullish for today.
- ETH/USD broke past the $3,300 resistance yesterday.
- Ethereum consolidates before further upside.
Ethereum price analysis is bullish today as the market moved past the $3,300 resistance yesterday and has since consolidated above the support. Therefore, we expect ETH/USD to start another rally later today and reach the $3,600 resistance next.
The cryptocurrency market traded with a slight bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 1.92 percent, while Ethereum is down by 0.82 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of 6.6 percent.
Ethereum price movement in the last 24 hours: Ethereum consolidates above $3,300
ETH/USD traded in a range of $3,283.02 – $3,373.38, indicating a low amount of volatility over the last 24 hours. Trading volume totals $19.5 billion, down by 1.96 percent from yesterday. The total market capitalization trades around $389.15 billion, resulting in market dominance of 18.22 percent.
ETH/USD 4-hour chart: ETH ready to move to $3,600 next?
On the 4-hour chart, we can see the Ethereum price consolidating above the $3,300 mark in preparation for a further rally this week.
Ethereum price action has seen a substantial advance over the past month. After establishing a major swing low of around $1,725 on the 20th of July, ETH/USD rallied by more than 90 percent until strong resistance was found below the $3,300 mark.
Below the $3,300 resistance, Ethereum has moved sideways for the past weeks, with only slightly higher highs set. After retracing and retesting the $2,950 mark, ETH rallied towards the $3,300 resistance over the weekend. After setting another higher low, bulls finally pushed ETH/USD above the $3,300 resistance.
Since then, the Ethereum price has consolidated above the $3,300 mark as bulls prepare for another rally later today. Therefore, we expect ETH to start another rally and reach the next major price target at $3,600 later this week.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as the market has consolidated above the $3,300 mark for the past 24 hours as bulls prepare for another spike higher. Therefore, we expect ETH/USD to rally higher and reach the $3,600 mark next.
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