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Ethereum Price Analysis: ETH attempts to break $3,300, targets $3,600 next?

Cryptopolitan


TL;DR Breakdown

  • Ethereum price analysis is bullish for today.
  • Ethereum rallied overnight.
  • ETH/USD ready to break $3,300.

Ethereum price analysis is bullish for today as bulls pushed the market price back to the $3,300 resistance overnight, where bulls attempt another breakout. Considering that a new higher low was set yesterday, we expect ETH/USD to finally spike higher and finally set further highs later this week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bullish momentum over the last 24 hours. Bitcoin is up by almost 3 percent, while Ethereum is up by 3.23 percent. Binance Coin (BNB) is among the best performers, with a gain of 9 percent.

Ethereum price movement in the last 24 hours: Ethereum sets higher low, moves to $3,300 again

ETH/USD traded in a range of $3,142.01 – $3,362.83, indicating a moderate amount of volatility over the last 24 hours. Trading volume totals $19.87 billion, up 26.63 percent from yesterday. Meanwhile, the total market cap stands at around $392 billion, resulting in a market dominance of 18.13 percent.

ETH/USD 4-hour chart: ETH set to break $3,300 today?

On the 4-hour chart, we can see the Ethereum price attempting to break the $3,300 resistance again after a rally overnight.

Ethereum Price Analysis: ETH attempts to break $3,300, targets $3,600 next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has increased by more than 90 percent over the past month after setting a new swing low of around $1,725. Resistance was finally found below the $3,300 mark earlier this month, with ETH/USD retesting it several times.

This resulted in a more than week-long consolidation, with the $2,950 mark retested as support. Over the weekend, bulls pushed ETH back to the $3,300 mark, with another slightly higher low set late yesterday, indicating that bulls are preparing to finally push above the resistance.

This Ethereum price action has resulted in a brief move above $3,300 today, with bulls currently testing new highs. Overall, ETH/USD should continue higher today and finally set a clear higher high, leading to more upside later this week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for today as the market rallied overnight after setting a higher low above the $3,100 mark yesterday. Therefore, we expect ETH/USD to continue moving higher later today and break the $3,300 mark.

While waiting for Ethereum to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, and NFT Marketplace.

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.



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