in

Ethereum Price Analysis: ETH tests $3,200 resistance again, breakthrough to follow?

Cryptopolitan


TL;DR Breakdown

  • ETH consolidated below $3,200 overnight.
  • Ethereum tests $3,200 resistance.
  • Next target located around $3,600.

Ethereum price analysis is bullish today as consolidation below the $3,200 resistance was established over the last 24 hours, and no clear retracement was seen overnight. Therefore, we expect ETH/USD to break higher later today and try to reach further highs later today.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, have seen a slight upside, with a 1.12 and 2.65 percent increase. Cardano (ADA) is among the best performers, with a gain of 12.5 percent.

Ethereum price movement in the last 24 hours: Ethereum holds below $3,200

ETH/USD traded in a range of $3,059.23 – $3,245.32, indicating mild volatility over the last 24 hours. Trading volume totals $29 billion, which is up by 2.72 percent, while the total market capitalization trades around $376.8 billion, resulting in a market dominance of 19.7 percent.

ETH/USD 4-hour chart: ready to breach $3,200?

On the 4-hour chart, we can see the Ethereum price action attempting to breach the $3,200 again, which could lead towards further upside later today.

Ethereum Price Analysis: ETH tests $3,200 resistance again, breakthrough to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action trades with a strong bullish momentum over the past weeks. After the previous major swing low around $1,725 was retested on the $20 of July, ETH/USD started to rally and has since increased by almost 90 percent.

Over the weekend, ETH reached the $3,200 resistance and retraced from there to the $2,900 mark, setting up another higher low. What followed was a rally back to the $3,200 mark. However, bulls could not breach through the resistance, and the market consolidated below the resistance yesterday.

This price action development likely means that Ethereum price has built up momentum over the past 24 hours, and we could see a rapid move higher later today. Once further high is seen, ETH/USD could quickly rally another 10 percent to the $3,600 mark.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the next 24 hours as bulls continue attempting to breach the $3,200 resistance after consolidation overnight. Unless ETH/USD falls below $3,200 resistance, we expect more upside to be seen later today.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Cryptopolitan

Poly Network attacker agrees to return $611 million stolen crypto assets

Visa

Visa CEO Underlines Company’s Interest In Facilitating Cryptocurrency Solutions For Global Unbanked