Ethereum price analysis is bullish today.ETH/USD saw another higher low set at $2,920.Previous local high currently tested.
Ethereum price analysis is bullish today as we have seen another higher low set overnight and more upside pressure over the last hours. Therefore, we expect ETH/USD to break the previous local high and rally further next with the next major target located as far as the $3,200 mark.
Cryptocurrency heat map. Source: Coin360
The market has seen mostly bullish momentum over the last 24 hours despite Bitcoin remaining flat at a 0.02 percent loss. Ethereum began pushing higher with a 0.74 percent gain, while the rest of the top altcoins performed even better.
Ethereum price movement in the last 24 hours: Ethereum sets higher low, begins to test further upside
ETH/USD traded in a range of $2,933.31 – $3,036.75. Indicating mild volatility over the last 24 hours. Trading volume has declined by 18.79 percent, totaling $14.4 billion, while the total market cap trades at $364.65 billion, resulting in a dominance of 18.75 percent.
ETH/USD 4-hour chart: ETH looks to break $3,040?
On the 4-hour chart, we can see the Ethereum price action currently testing the previous high after a strong advance over the last hours, indicating that bulls are in control once again.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen a strong advance over the second half of March. From the $2,500 low, ETH/USD gained over 22 percent to the current high at $3,040.
After the previous major swing high was reached early yesterday, ETH moved for another retracement until a higher local low was set once more overnight to today. Therefore, bulls are likely now ready to test further upside as reflected in the advance seen over the past hours.
Once the previous swing high at $3,040 is broken, the Ethereum price should see a quick advance higher as there is no more resistance level as far as the $3,200 mark. Additionally, the overall medium-term price structure would turn bullish after several months of decline once the high is broken.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen more upside over the last hours lead back to the previous local high. Therefore, if the current momentum persists, further upside should be reached by the end of the day, opening the way towards the next resistance at $3,200.