Ethereum price analysis: ETH continues higher, ready to break $3,140?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD recovered yesterday.
  • $3,140 next resistance currently tested.

Ethereum price analysis is bullish today as it recovered previous losses and retested the local high at $3,140. If the bullish momentum continues, we expect ETH/USD to break even higher and move towards the $3,200 mark next.

Ethereum price analysis: ETH continues higher, ready to break $3,140? 1
Cryptocurrency heat map. Source: Coin360

The market has moved strongly in the green over the last 24 hours. The leader, Bitcoin, gained 6.02 percent, while Ethereum gained 7.36 percent. Meanwhile, the rest of the top altcoins rallied even more.

Ethereum price movement in the last 24 hours: Ethereum sets low at $2,880, recovers above $3,080

ETH/USD traded in the $2,903.24 to $3,125.08 range, indicating substantial volatility over the last 24 hours. Trading volume has increased by 16.93 billion, while the total market cap trades around $375.56 billion, resulting in market dominance of 19.52 percent.

ETH/USD 4-hour chart: ETH ready to break $3,140?

On the 4-hour chart, we can see Ethereum’s price action continue its rally, indicating that it may break the previous high soon.

Ethereum price analysis: ETH continues higher, ready to break $3,140?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen more downside tested over the past days. After it found resistance at $3,080 on the 17 April 2022, ETH/USD quickly spiked to $2,880 and set a clear lower low.

We saw a quick reversal late yesterday, leading the market back to the $3,080 resistance overnight. The market respected the resistance for a while before we saw another push during the second half of the day.

Currently, the Ethereum price action has moved even higher, leading to the $3,140 resistance. We could see a higher local high set if the momentum persists, indicating a potential major trend reversal later this month.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen another strong push higher over the last hours above the $3,080 local resistance. Likely ETH/USD will look to break $3,140 next and set a higher high.

While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.

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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