- Ethereum price analysis is bullish for today.
- ETH/USD starts to recover after a retest of previous support.
- Ethereum is likely to test $3,100 today.
Ethereum price analysis is bullish today as the market saw a strong move higher today after a retest of $2,750 support. Therefore, we expect ETH/USD to continue higher today and look to test the $3,100 resistance.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 1.74 percent, while Ethereum has gained 1.87 percent. The rest of the top altcoins have seen mixed results, with Uniswap (UNI) being the best performer.
Ethereum price movement in the last 24 hours: Ethereum spikes higher after a retest of $2,750 support
ETH/USD traded in a range of $2,744.58 – $3,009.13, indicating strong volatility over the last 24 hours. Trading volume has decreased by 1.09 percent and totals $21.7 billion, while the total market cap trades around $348.9 billion, resulting in the market dominance of 18.38 percent.
ETH/USD 4-hour chart: ETH targets previous high next?
On the 4-hour chart, we can see the Ethereum price gaining momentum as bulls are ready to push the market higher.
Ethereum price action has seen strong volatility so far this month, with the market declining overall. After the first drop on the 7th of September, ETH/USD established support of around $3,150.
After retesting the support twice last week, a new swing high was set around $3,650 on the 16th of September, followed by another substantial decline over the following days. Support was finally found around $2,750 on Tuesday, followed by a reaction to $3,150 previous significant support.
However, bullish momentum did not continue for long as the Ethereum price saw another spike lower on Friday. After consolidation below $2,950 yesterday, ETH/USD moved lower again early today, with bulls picking up the momentum again from there.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as the market saw a retest of the $2,750 support, followed by a strong move higher. Therefore, we expect ETH/USD to reach further upside today and potentially set a new higher high above $3,100.
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