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Ethereum Price Analysis: ETH retests $3,250 support again, will it break?

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Ethereum Price Analysis: ETH retests $3,250 support again, will it break?

Ethereum price analysis is bullish today as we expect the current retest of the previous support level to end with a move higher. Therefore, ETH/USD should see more upside over the next 24 hours, likely leading to the $3,400 mark tested again.

Ethereum Price Analysis: ETH retests $3,250 support again, will it break?

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a steady decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red, with a loss of 1.43 and 3.16 percent. Cardano (ADA) is the top performer, with a gain of over 6 percent.

Ethereum price movement in the last 24 hours: Ethereum peaks at $3,400, retraces again

ETH/USD traded in a range of $3,237.04 –  $3,376.40, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 3.1 percent, totaling $10.78 billion, while the total market cap trades around $386.7 billion.

ETH/USD 4-hour chart: ETH retest $3,250 support

On the 4-hour chart, we can see the Ethereum price looking to set another higher low around $3,250.

Ethereum Price Analysis: ETH retests $3,250 support again, will it break?

ETH/USD 4-hour chart. Source: TradingView

Ethereum price saw recovery last week from the previous swing low at $2,950. A new strong higher high was set at $3,400, indicating a trend reversal.

From there, a higher low was set at $3,200 on the 14th of January, further strengthening the market structure. Bulls regained strength on the 15th of January, leading to a consolidation around $3,350.

Since further upside was not achieved, the Ethereum price spiked lower overnight, reaching the $3,250 previous support. For now, a small rejection for further downside can be seen, indicating an upcoming reversal.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we expect reversal from the $3,250 support late today. Likely ETH/USD will set another higher low and move higher from there. 

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.

Ethereum Price Analysis: ETH retests $3,250 support again, will it break?

Source

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