Ethereum Price Analysis: ETH ready to test $3,500?
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.
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 a strong base over the last 24 hours, leading to another push higher soon.
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 si 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.
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