Ethereum Price Analysis: ETH swiftly continues higher – tests $3,400
Ethereum price analysis is bullish today as the market currently breaks higher. Likely we could see the $3,400 mark tested next, meaning a total gain of 16 percent since the last low.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has seen strong buying pressure return over the last 24 hours. The market leader, Bitcoin, has gained 5.42 percent, while Ethereum has a strong 7.81 percent. The rest of the top altcoins follow with similar gains.
Ethereum price movement in the last 24 hours: Ethereum pauses below $3,250, break higher
ETH/USD traded in a range of $3,091.97 – $3,353.49, indicating strong volatility in the market. Trading volume has declined by 5.44 percent, totaling $18 billion. Meanwhile, the total market cap trades around $399.5 billion, resulting in a market dominance of 19.32 percent.
ETH/USD 4-hour chart: ETH looks to test $3,400 next?
On the 4-hour chart, we can see the Ethereum price still advancing, likely leading even higher by the end of the day.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price saw the previous bearish momentum slow down over the past week. After initially dropping around 20 percent, support was found at $3,100.
More downside followed over the weekend and Monday, with new lows set at $3,000 and $2,950, respectively. Therefore, signs of exhaustion for bears are clearly in the market structure.
The Ethereum price saw a strong recovery to $3,250 previous local resistance yesterday. After quiet trading overnight below the resistance, ETH/USD continued higher today and has since moved towards the $3,400 mark.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we saw previous resistance broken in the morning. Since then, ETH/USD has continued higher and currently trades below $3,400 with strong momentum.
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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