- Ethereum price analysis is bullish for today.
- ETH/USD saw a further rally from the $3,350 previous resistance.
- Ethereum targets the $3,600 mark next.
Ethereum price analysis is bullish for today as the market has continued to rally over the last 24 hours. Therefore, we expect ETH/USD to reach the $3,600 next resistance later today and finally set a strong higher high.
The cryptocurrency market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.6 and 5.07 percent, respectively. Meanwhile, Ripple (XRP) is among the best performers, with a gain of 7.72 percent.
Ethereum price movement in the last 24 hours: Ethereum breaks above $3,350 previous high
ETH/USD traded in a range of $3,354.88 – $3,557.88, indicating strong volatility over the last 24 hours. Trading volume has increased by 1.5 percent and totals $27.3 billion, while the total market capitalization trades around $416.7 billion, resulting in the market dominance of 19.57 percent.
ETH/USD 4-hour chart: ETH targets the $3,600 resistance next?
On the 4-hour chart, we can see the Ethereum price continues to advance today, with the $3,600 mark almost reached.
Ethereum price action has consolidated below the $3,300 mark over the past weeks. After setting only slightly higher highs at the beginning of August, ETH/USD started moving sideways around the $3,100-$3,300 price area.
Last week, ETH managed to set a higher low around $3,100 after a slight move above the $3,300 resistance, with the $3,350 mark reached, indicating bullish momentum still present. What followed was another slight push higher and a retracement that set a slightly higher low around $3,150.
From the $3,150 support, the Ethereum price started to rapidly advance on Monday, with a clear break higher yesterday. This price action development has resulted in a new several-month high set just below the $3,600 resistance as bulls continued pushing ETH higher today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as bulls continue pushing the market higher today, setting a clear higher high. Therefore, we expect ETH/USD to continue moving higher and reach the $3,600 resistance next.
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