- Ethereum price analysis is bullish today.
- ETH/USD consolidated at $3,250 overnight.
- Strong buying pressure was seen this morning.
Ethereum price analysis is bullish today as the market currently breaks higher. Likely we could see the $3,400 mark tested next, meaning a total gain of 16 percent since the last low.
The cryptocurrency market has seen strong buying pressure return over the last 24 hours. The market leader, Bitcoin, has gained 5.42 percent, while Ethereum has a strong 7.81 percent. The rest of the top altcoins follow with similar gains.
Ethereum price movement in the last 24 hours: Ethereum pauses below $3,250, break higher
ETH/USD traded in a range of $3,091.97 – $3,353.49, indicating strong volatility in the market. Trading volume has declined by 5.44 percent, totaling $18 billion. Meanwhile, the total market cap trades around $399.5 billion, resulting in a market dominance of 19.32 percent.
ETH/USD 4-hour chart: ETH looks to test $3,400 next?
On the 4-hour chart, we can see the Ethereum price still advancing, likely leading even higher by the end of the day.
Ethereum price saw the previous bearish momentum slow down over the past week. After initially dropping around 20 percent, support was found at $3,100.
More downside followed over the weekend and Monday, with new lows set at $3,000 and $2,950, respectively. Therefore, signs of exhaustion for bears are clearly in the market structure.
The Ethereum price saw a strong recovery to $3,250 previous local resistance yesterday. After quiet trading overnight below the resistance, ETH/USD continued higher today and has since moved towards the $3,400 mark.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we saw previous resistance broken in the morning. Since then, ETH/USD has continued higher and currently trades below $3,400 with strong momentum.