- Ethereum price analysis is bullish for today.
- ETH/USD rallied yesterday.
- $3,300 resistance retested overnight.
Ethereum price analysis is bullish today as the market has rallied over the past 24 hours back to the $3,300 resistance after establishing a higher low around $3,100. Therefore, we expect bullish momentum to follow later today, leading ETH/USD to a breakout above $3,300 resistance.
The crypto market moved in the green over the last 24 hours. Bitcoin is up by 1.42 percent, while Ethereum is by 0.3 percent. Meanwhile, Solana (SOL) is the best performer, with an increase of 14.77 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies back to $3,300
ETH/USD moved in a range of $3,217.40 – $3,284.85, indicating a low amount of volatility over the last 24 hours. Trading volume has decreased by 16 percent and totals $14.95 billion, while the total market cap trades around $380.6 billion.
ETH/USD 4-hour chart: ETH set to break above $3,300 again?
Looking at the 4-hour chart, we can see the Ethereum price approaching $3,300 again as bulls are ready for another attempt at breakthrough.
Ethereum price has struggled to reach further upside over the last weeks. After reaching the $3,300 resistance on the 14th of August after a series of slightly higher highs, bulls showed weakness.
What followed was the start of several-week consolidation around the $3,100-$3,300 price area. On Monday, ETH briefly moved past the $3,300 resistance, indicating bullish momentum forming. However, another retracement followed back to the $3,100 mark.
Around the $3,100 support, the Ethereum price gathered strength yesterday and formed a slight consolidation. This price action development resulted in another push higher over the last 24 hours back to the $3,300 resistance, which is tested once again.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish for the next 24 hours as the market has started to rally from the $3,100 support and reached back below the $3,300 resistance. Therefore, we expect ETH/USD to attempt another push higher over the next 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.