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Ethereum Price Analysis: ETH continues to rally, slowly targets $4,000 several months high next?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD moved above $3,800 yesterday.
  • Next resistance at $4,000.

Ethereum price analysis is bullish today as signs of slowdown yesterday have been invalidated by another push higher earlier today. Therefore, we expect ETH/USD to continue rallying and target the $4,000 mark next.

Ethereum Price Analysis: ETH continues to rally, slowly targets $4,000 several months high next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin is up by 3.74 percent, while Ethereum by 4.01 percent. Meanwhile, Polkadot (DOT) is among the best performers, with a gain of almost 10 percent.

Ethereum price movement in the last 24 hours: Ethereum moves above $3,800

ETH/USD traded in a range of $3,758.62 – $3,943.87, indicating substantial volatility over the last 24 hours. Trading volume has declined by 9.55 percent and totals $19.35 billion, while the total market cap trades around $462.72 billion, resulting in the market dominance of 18.48 percent.

ETH/USD 4-hour chart: ETH to reach $4,000 today?

On the 4-hour chart, we can see Ethereum price pushing higher again today, likely leading to a break above $4,000 over the next 24 hours.

Ethereum Price Analysis: ETH continues to rally, targets $4,000 several months high next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen strong bullish momentum so far this month. After a strong rally began on the 1st of October after a break above $3,150 previous resistance, ETH/USD eventually reached $3,650 on the 7th of October.

From the resistance, a several-day slow retracement was seen to the $3,400 mark.  After several attempts to break lower, a strong base was established earlier this week.

On the 13th of October, strong bullish momentum began again, swiftly taking Ethereum price above the $3,650 local high. Some slowdown was seen above $3,800 yesterday, however, bullish momentum has continued higher today, indicating that the $4,000 mark should be tested later today.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish as further upside was seen earlier today, leading ETH even closer to the $4,000 several-month swing high. Therefore, we expect ETH/USD to continue higher later today.

While waiting for Ethereum to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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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