- Ethereum price analysis is bullish today.
- ETH/USD has retraced to $3,200 overnight.
- Strong buying pressure was seen during the afternoon.
Ethereum price analysis is bullish today as we have seen another higher low at $3,200 set overnight after a quick retracement. From there, ETH/USD has already started to rapidly advance towards the previous high, indicating that new local highs could be reached over the weekend.
Cryptocurrency heat map. Source: Coin360
The market has seen mixed results over the last 24 hours. The leader, Bitcoin, lost 0.72 percent as most of the previous loss is not yet regained, while Ethereum managed to gain 1.51 percent. The rest of the market also trades with mixed results, depending on how much was lost late yesterday.
Ethereum price movement in the last 24 hours: Ethereum continues its way higher
ETH/USD traded in a range of $3,223.89 – $3,419.72, indicating substantial volatility over the last 24 hours. Trading volume has spiked by 35.83 percent, totaling $21.815 billion, while the total market cap trades around $411 billion, resulting in a dominance of 19.37 percent.
ETH/USD 4-hour chart: ETH ready to break $3,500?
On the 4-hour chart, we can see the Ethereum price action rapidly advancing over the last hours, potentially leading to more upside tested by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price has continued to advance over the past week. After another strong push higher above $3,200, a new local high was set just below $3,500, indicating strength for the overall market structure.
However, a brief reaction lower, consolidation followed for several days until a quick retracement was seen yesterday. Overnight to today, support at $3,200 was briefly tested and a clear higher low was established.
From there, the Ethereum price action quickly regained its strengths. Push higher has already led back above the $3,400 mark, signaling strength overall.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen a quick reversal above $3,200 previous resistance turned support. ETH/USD is already close to the previous local high, likely resulting in another higher high set soon.
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.