Ethereum Price Analysis: ETH breaks above $3775, more upside to follow?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD spiked higher yesterday.
  • Next target at $3,900.

Ethereum price analysis is bullish today as we expect more upside over the next 24 hours after breaking above previous resistance yesterday. Likely ETH/USD will move to $3,900 resistance next, continuing to recover last week`s loss.

Ethereum Price Analysis: ETH breaks above $3775, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 0.14 percent, while Ethereum saw bullish momentum return, with a gain of 1.86 percent. Meanwhile, Aave (AAVE) is among the top performers, with a gain of almost 8 percent.

Ethereum price movement in the last 24 hours: Ethereum breaks above previous high

ETH/USD traded in a range of $3,745.73 – $3,836.16, indicating substantial volatility over the last 24 hours. Trading volume has increased by 22.16 percent, totaling $10.84 billion. Meanwhile, the total market cap trades around $455.9 billion, resulting in a market dominance of 20.15 percent.

ETH/USD 4-hour chart: ETH ready to test $3,900 next?

On the 4-hour chart, we can see the Ethereum price retesting the $3,775 previous resistance as support earlier today as bulls prepare to push the market even higher.

Ethereum Price Analysis: ETH breaks above $3775, more upside to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price saw heavy selling at the beginning of last week after a new high was set at $4,150. After a loss of around 13 percent, a new low was seen at $3,600, indicating bearish market structure.

The following recovery set high at $3,800 before retesting the downside and setting a higher low. From there, ETH/USD recovered and broke past the previous resistance yesterday.

Ethereum price peaked at $3,850, indicating reversal formin. Overnight, ETH/USD retested the previously broken resistance and set a higher local low, likely leading to another push higher over the next 24 hours.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as a strong higher high was set yesterday with a quick retracement retesting previous resistance as support overnight. Therefore, ETH/USD is now ready to push even higher, likely moving to the next resistance at $3,900.

While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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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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