Ethereum price analysis is bullish today.ETH/USD continued higher late yesterday.Next resistance at $3,400 is currently tested.
Ethereum price analysis is bullish today as we have seen a strong break past both the $3,200 previous local high and the $3,300 major resistance. ETH/USD has reached the next price milestone at $3,400 with strong momentum, indicating further break higher could follow soon.
Cryptocurrency heat map. Source: Coin360
The market has continued rallying over the last day, with the leaders, Bitcoin and Ethereum, up by 6.97 and 7.84 percent. The rest of the top altcoins follow with similar and even better results.
Ethereum price movement in the last 24 hours: Ethereum gains a further 7 percent
ETH/USD traded in a range of $3,167.05 – $3,389.98, indicating strong volatility over the last 24 hours. Trading volume has spiked by 114.22 percent, totaling $19.8 billion, while the total market cap trades around $407.29 billion.
ETH/USD 4-hour chart: ETH ready to break $3,400?
On the 4-hour chart, we can see the Ethereum price continuing to rapidly advance, likely breaking past $3,400 over th next hours.
ETH/USD 4-hour chart. Source: TradingView
Ethereum closed last week with a substantial gain. From the $2,500 previous major support, ETH/USD had already gained around 27 percent to the $3,200 previous high, indicating strong momentum.
After slight rejection lower on the 25th of March, ETH retested $3,080 as support before slowly beginning to edge higher. Momentum seemed weak until late yesterday when the market quickly spiked above $3,300.
Since then, more upside has rapidly followed with some early morning slowdown. The next major price milestone at $3,400 has already been reached, indicating we could see a further breakout.
However, when considering the overall price development over the past weeks, a sharp retracement could be seen at any time, warranting caution.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen more upside rapidly reached since yesterday. ETH/USD has continued to push as far as the $3,400 without much resistance, indicating that the $3,400 could soon be breached as well.