Ethereum price analysis is bullish today.ETH/USD recovered yesterday.$3,140 next resistance currently tested.
Ethereum price analysis is bullish today as we have seen previous loss recovered and the $3,140 local high tested again. If the bullish momentum continues, we expect ETH/USD to break even higher and move towards the $3,200 mark next.
Cryptocurrency heat map. Source: Coin360
The market has moved strongly in the green over the last 24 hours. The leader, Bitcoin, gained 6.02 percent, while Ethereum gained 7.36 percent. Meanwhile, the rest of the top altcoins rallied even more.
Ethereum price movement in the last 24 hours: Ethereum sets low at $2,880, recovers above $3,080
ETH/USD traded in a range of $2,903.24 – $3,125.08, indicating substantial volatility over the last 24 hours. Trading volume has increased by 16.93 billion, while the total market cap trades around $375.56 billion, resulting in market dominance of 19.52 percent.
ETH/USD 4-hour chart: ETH ready to break $3,140?
On the 4-hour chart, we can see the Ethereum price action continuing to rally, indicating that the previous high will likely be broken soon.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen more downside tested over the past days. After resistance was found at $3,080 on the 17th of April, ETH/USD quickly spiked to $2,880 and set a clear lower low.
Late yesterday quick reversal took place, leading back to the $3,080 resistance overnight. Initial respect for the resistance was seen until another push higher began during the second half of the day.
Currently, the Ethereum price action has moved even higher, leading to $3,140 resistance. If the momentum persists, we could see a higher local high set, indicating a potential major trend reversal later this month.
Ethereum price analysis: Conclusion
Ethereum price analysis is bullish today as we have seen another strong push higher over the last hours above the $3,080 local resistance. Likely ETH/USD will look to break $3,140 next and set a higher high.