- Ethereum price analysis is bullish today.
- ETH/USD advanced further overnight.
- Ethereum looks to break $3,150 resistance.
Ethereum price analysis is bullish today as bulls have continued to push the market higher. ETH/USD has already approached previous resistance at $3,150, likely leading to a break higher later today.
The overall market trades with bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 4.55 percent, while Ethereum has gained 5.1 percent. VeChain (VET) is among the best performers, with a gain of more than 20 percent.
Ethereum price movement in the last 24 hours: Ethereum rallies back to $3,150 resistance
ETH/USD traded in a range of $2,947.94 – $3,133.94, indicating mediocre volatility over the last 24 hours. Trading volume has declined by 6.51 percent and totals $16.85 billion, while the total market cap trades around $366.5 billion, resulting in the market dominance of 18.52 percent.
ETH/USD 4-hour chart: ETH ready to break higher?
On the 4-hour chart, we can see bulls attempting to break the $3,150 previous highs, which could lead to a lot more upside later today.
Ethereum price action has seen trading sideways over the past weeks. After a sharp drop on the 20th of September, support was found around $2,750, setting the base for the current consolidation.
Last week, ETH tested the $2,750 support again, with further downside rejected again. From there, Ethereum rallied back to $3,150 resistance, which held the market again.
The Ethereum price action indicates that a strong consolidation range has been formed around $2,750 – $3,150. Until ETH/USD breaks to either side, we expect further consolidation. However, when considering the overall price action development, we can assume that bears are exhausted.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as bulls have pushed the market higher after a slight pause overnight. If further upside can be achieved, ETH/USD will finally break above the $3,150 resistance.
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