- Ethereum price analysis is bullish today.
- ETH/USD set another higher low at $2,920.
- Previous local high currently tested.
Ethereum price analysis is bullish today as we have seen another higher low set overnight and more upside pressure over the last hours. Therefore, we expect ETH/USD to break the previous local high and rally further next with the next major target as far as the $3,200 mark.
The market has been mostly bullish over the last 24 hours, while Bitcoin consolidated at a 0.02 percent loss. Ethereum began its rally at a 0.74 percent gain, while the rest of the top altcoins performed even better.
Ethereum price movement in the last 24 hours: Ethereum sets higher low, begins to test further upside
ETH/USD traded in a range of $2,933.31 – $3,036.75, indicating mild volatility over 24 hours. Trading volume has declined by 18.79 percent, totaling $14.4 billion, while the total market cap trades at $364.65 billion, resulting in a dominance of 18.75 percent.
ETH/USD 4-hour chart: ETH looks to break $3,040?
On the 4-hour chart, we can see the Ethereum price action currently testing its previous high after a strong advance over the last hours, indicating that bulls are in control once again.
Ethereum price action has seen substantial growth throughout the second half of March. ETH/USD gained over 22 percent from the $2,500 low to the current high at $3,040.
After its previous major swing upwards early yesterday, ETH retraced until it set a new higher local low overnight. The bulls are likely ready to test further upside, as reflected in upward movement seen over the past hours.
Once it breaks the previous swing high at $3,040, the price of Ethereum should see a quick advance higher as there are significant resistance levels until the $3,200 mark. Additionally, the overall medium-term price structure should turn bullish after it breaks the several-months long decline.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen more upside lead to a recovery to the previous local high over the last hours. Therefore, if the current momentum persists, we expect further upside by the end of the day, opening the path to the next resistance at $3,200.