Ethereum price analysis is bullish today.ETH/USD consolidated above $3,000 overnight.Strong buying pressure has been seen over the last hours.
Ethereum price analysis is bullish today as we have seen further upside tested and previous local high broken this morning. Therefore, ETH/USD is set to target the next major resistance at $3,200 and further strengthen the overall market structure.
Cryptocurrency heat map. Source: Coin360
The overall market has seen more upside over the last 24 hours. The leader, Bitcoin, has gained 3.31 percent, while Ethereum has over 3.5 percent. The rest of the market has seen even better performance, with ADA, SOL, DOGE, and AXS being the top performers.
Ethereum price movement in the last 24 hours: Ethereum continues higher, rapidly approaching $3,200
ETH/USD traded in a range of $2,959.75 – $3,092.48, indicating substantial volatility over the last 24 hours. Trading volume has increased by 38 percent, totaling $19.36 billion, while the total market cap trades around $371.4 billion, resulting in a dominance of 18.7 percent.
ETH/USD 4-hour chart: ETH spikes above $3,100
On the 4-hour chart, we can see the Ethereum price action rapidly moving higher over the last hours, likely leading to $3,200 major resistance soon.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a steady advance for almost two weeks now. After a breakout above $2,600 resistance on the 15th of March, ETH/USD rallied over 22 percent to the current high at $3,040.
Another higher low was set yesterday, leading ETH to continue even higher overnight. Break above previous high has already been made as the $3,100 mark currently gets tested.
Therefore, as long as the Ethereum price action continues the current momentum, we should see the $3,200 resistance tested by the end of the day. From there, likely we will see another higher low set, allowing for the $3,300 previous major swing high tested later in the month.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen strong buying pressure since morning. Likely ETH/USD will soon reach the $3,200 next major resistance, meaning that the overall market structure has turned even more bullish.