TL;DR Breakdown
Ethereum price analysis is bullish today.ETH/USD tested $3,300 resistance this morning.A quick spike lower was seen later in the day.
Ethereum price analysis is bullish today as we saw rejection for downside once more after a strong push higher yesterday. Therefore, we expect ETH/USD to rally further and break the $3,300 resistance by the end of the day.
Cryptocurrency heat map. Source: Coin360
The market has moved mostly in the green over the last 24 hours. The leader, Bitcoin, gained 0.72 percent, while Ethereum 2.65 percent. Meanwhile, the rest of the top altcoins have seen mixed results.
Ethereum price movement in the last 24 hours: Ethereum rallies back to $3,300, fails to break higher
ETH/USD traded in a range of $3,197.07 – $3,301.61, indicating a moderate amount of volatility over the last 24 hours. Total trading volume has declined by 20.16 percent, totaling $16.86 billion, while the total market cap trades around $394.4 billion, resulting in market dominance of 19.53 percent.
ETH/USD 4-hour chart: ETH ready to break $3,300?
On the 4-hour chart, we can see a return towards the $3,300 mark, likely leading to more upside over the weekend.
ETH/USD 4-hour chart. Source: TradingView
Ethereum price action has seen strong retracement from the previous several-week rally. After the last spike to $3,580, ETH/USD set a lower local high at $3,550 and started to rapidly decline on the 5th of April.
More downside followed until $3,300, where slight rejection was initially seen. However, more downside followed a day later, leading ETH as low as $3,150.
From there, reversal started on the 7th of April, leading back above $3,200 support overnight. Today, a quick spike lower was immediately rejected, indicating that ETH/USD is headed towards further upside over the weekend.
Ethereum price analysis: ConclusionÂ
Ethereum price analysis is bullish today as we have seen quick rejection for downside during the second half of the day and a return towards $3,300 resistance. If the current momentum continues, ETH/USD should see further upside over the weekend, likely to the $3,400 next resistance.
While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.
