- Ethereum price analysis is bullish for today.
- ETH/USD formed a consolidation base overnight.
- Ethereum is likely to break new highs today.
Ethereum price analysis is bullish for today as the market has consolidated over the last 24 hours and formed a consolidation base above $3,900. Therefore, we expect ETH/USD to break higher today and look to reach the next target at $4,200 next.
The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 2.99 and 0.76 percent, respectively. Meanwhile, Solana (SOL) and Ripple (XRP) are among the best performers from the major altcoins, with a gain of 7-8 percent.
Ethereum price movement in the last 24 hours: Ethereum consolidates above $3,900
ETH/USD traded in a range of $3,868.99 – $3,979.19, indicating a low amount of volatility over the last 24 hours. Trading volume has increased by 5.93 percent and totals $19.57 billion, while the total market capitalization trades around $462.56 billion.
ETH/USD 4-hour chart: ETH ready to break $4,000 again?
On the 4-hour chart, We can see the Ethereum price establishing a base to move higher above $3,900.
Ethereum price has seen strong performance again over the past week after a several-week consolidation below the $3,300 resistance during the middle of August. With several failed attempts to move higher, a clear range of $3,100-$3,300 was established.
However, on the $26th of August, a higher low was set just below the $3,100 mark, indicating bullish momentum forming in the market. This was followed by a further rally to the $3,300 again on the 31st of August.
Ethereum spiked higher on the first of September, with the next resistance seen at $3,800. On the 3rd of September, another quick spike higher was seen, and the Ethereum price started to consolidate from there.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as a new base from which to move higher was established over the last 24 hours. Therefore, as long as the $3,900 support holds, we expect ETH/USD to rally higher and look to reach the next target at $4,200.
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