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Ethereum Price Analysis: ETH tests $3,350 resistance after retracing to $3,200

Ethereum Price Analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish for today.
  • ETH/USD retraced to $3,200 overnight.
  • Ethereum rallied to $3,350 today.

Ethereum price analysis is bullish for today as a new swing low was set around $3,200 overnight with rejection for further downside. Therefore, we expect ETH/USD to move higher over the next 24 hours and look to retest the $3,600 resistance.

Ethereum Price Analysis: ETH tests $3,350 resistance after retracing to $3,200 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours with Bitcoin gaining 0.96 percent. Meanwhile, Ethereum gained 2.15 percent, and Cardano is the best performer, with a gain of 16.72 percent.

Ethereum price movement in the last 24 hours: Ethereum set a higher low at $3,200

ETH/USD traded in a range of $3,157.06 – $3,343.67, indicating mild volatility over the last 24 hours. Trading volume has increased by 9.26 percent and totals $21.59 billion. The total market cap trades around $390.4 billion, resulting in market dominance of 18.65 percent.

ETH/USD 4-hour chart: ETH tests $3,350 resistance next?

On the 4-hour chart, we can see Ethereum moving higher today, with the $3,350 resistance currently preventing further upside.

Ethereum Price Analysis: ETH tests $3,350 resistance after retracing to $3,200
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen strong volatility this week. After peaking below $4,000 at the beginning of September, ETH/USD consolidated below the resistance until the 7th of September. From there, a rapid drop of more than 20 percent was seen on Tuesday.

What followed was a reaction back to $3,550, which was followed by another drop yesterday. Ethereum price retested the $3,200 overnight and started to rally earlier today, with the $3,350 resistance as the next target.

Overall, if Ethereum can break above the $3,350 resistance, we expect a lot more upside over the next 24 hours. Alternatively, ETH/USD will likely consolidate around the current price level until next week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the next 24 hours as bulls push ETH higher after setting a higher low at $3,200 overnight. Therefore, we expect ETH/USD to break the $3,350 resistance next and reach further highs over the next 24 hours.

While waiting for Ethereum to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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