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Ethereum Price Analysis: ETH returns above $3,100 resistance, further upside to follow?

Ethereum Price Analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish for today.
  • ETH/USD saw a rally today back above $3,100.
  • Ethereum is likely to continue moving higher.

Ethereum price analysis is bullish for today as the market returned above the $3,100 previous support after a strong advance overnight. Therefore, we expect ETH/USD to continue higher and regain even more of the loss seen earlier this week.

Ethereum Price Analysis: ETH returns above $3,100 resistance, further upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum are up by 4.32 and 6.63 percent, respectively. Meanwhile, the rest of the top altcoins have seen an even better performance.

Ethereum price movement in the last 24 hours: Ethereum returns above $3,100

ETH/USD traded in a range of $2,930.01 – $3,147.78, indicating mild volatility over the last 24 hours. Trading volume has decreased by 19.59 percent and totals $22.3 billion, while the total market cap trades around $368.7 billion, resulting in the market dominance of 18.62 percent.

ETH/USD 4-hour chart: ETH ready to move higher?

On the 4-hour chart, we can see the Ethereum price action pausing around the $3,100 mark as bulls likely prepare for a further push to the upside.

Ethereum Price Analysis: ETH returns above $3,100 resistance, further upside to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen bearish momentum over the past weeks. After peaking at around $4,000 at the start of September, the first drop lower was seen on the 7th of September.

Support was found above $3,100, with several days of consolidation sideways following. After a small upsurge to $3,650, ETH dropped lower again starting from 17th of September.

Support was found at $2,640 this time on Tuesday, with a sharp reaction yesterday. Since the bullish momentum has continued today, we expect the Ethereum price to see further upside over the next 24 hours.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish as bulls have pushed back above the $3,100 mark today. As long as the momentum continuum, we expect ETH/USD to see further upside over the next 24 hours.

While waiting for Ethereum to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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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