- Ethereum price analysis is bullish today.
- ETH/USD is still not ready to retrace.
- Closest resistance at $3,500.
Ethereum price analysis is bullish today as any further downside was rejected yesterday at around the $3,300 mark. Therefore, we expect ETH/USD to move higher again and potentially breach the $3,500 resistance next.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 5.44 percent, while Ethereum has gained 3.22 percent. Meanwhile, Dogecoin (DOGE) is among the best performers today, with a gain of more than 10 percent.
Ethereum price movement in the last 24 hours: Ethereum rejects further downside
ETH/USD traded in a range of $3,283.45 – $3,434.78, indicating mild volatility over the last 24 hours. Trading volume has increased by 14.29 percent and totals $17.26 billion, while the total market cap trades around $402.9 billion, resulting in the market dominance of 18.55 percent.
ETH/USD 4-hour chart: ETH to break $3,500 today?
On the 4-hour chart, we can see bullish momentum returning for the Ethereum price action as another push higher has begun earlier today.
Ethereum price traded in a sideways consolidation at the end of September. The 32,750 support prevented further downside several times, while the $3,150 resistance held resistance.
ETH/USD finally gathered enough bullish momentum to push higher on the 1st of October, with the $3,500 major resistance reached on the 2nd of October. Since then, bulls have lost their momentum, resulting in a slight retracement.
However, after a brief move past $3,300, the Ethereum price reversed to the upside again. Overall, ETH/USD is expected to move higher later today and attempt to finally break the $3,500 resistance.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as the market reversed to the upside again after support was found at $3,300 yesterday. Therefore, we assume bullish momentum has returned, and the $3,500 resistance will be tested next.
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