Ethereum Price Analysis: ETH ready to test $3,500?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD still consolidates above $3,300.
  • Bullish momentum is slowly returning.

Ethereum price analysis is bullish today as no further downside was seen after consolidation above $3,300 over the last 24 hours. Therefore, we expect ETH/USD to break higher early next week and target the $3,500 next resistance.

Ethereum Price Analysis: ETH ready to test $3,500? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the green with a 0.35 and 0.32 gain, respectively. Cardano (ADA) is among the best performers, with a gain of 10 percent.

Ethereum price movement in the last 24 hours: Ethereum consolidates above $3,300

ETH/USD traded in a range of $3,291.56 – $3,364.54, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.73 percent, totaling $9.87 billion, while the total market cap trades around $400 billion, resulting in a market dominance of 19.16 percent.

ETH/USD 4-hour chart: ETH prepares to break higher?

On the 4-hour chart, we can see the Ethereum price action has established a strong base over the last 24 hours, leading to another push higher soon.

Ethereum Price Analysis: ETH ready to test $3,500?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen signs of recovery this week. After the last spike lower to $2,950 was quickly rejected on the 10th of January, ETH/USD set a strong higher high at $3,400.

Steady retracement followed earlier in the week to $3,200, meaning a strong higher low was set. Since then, buying pressure has slowly returned, leading to a consolidation above $3,300.

Therefore, unless the Ethereum price breaks down over the next 24 hours, we expect another push higher soon. Likely the next target at $3,500 will be reached early next week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as another higher low has been established around $3,300. Therefore, ETH/USD is now ready to continue higher and target the $3,500 next major resistance. 

While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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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