Ethereum Price Analysis: ETH breaks $3,350, further upside to follow today?

TL;DR Breakdown

• Ethereum price analysis is bullish for today.
• ETH/USD consolidated below $3,350 resistance overnight.
• Ethereum starts to rally again.

Ethereum price analysis is bullish for today as bulls gathered momentum to break above the $3,350 resistance this morning. Currently, ETH/USD pushes higher, indicating we might see the $3,600 next resistance tested later today.

The overall market traded mostly in the green over the last 24 hours. Bitcoin is up by 0.91 percent, while Ethereum is up by 4.25 percent. Avalanche (AVAX) is among the best performers from the majors, with a gain of 30 percent.

Ethereum price movement in the last 24 hours: Ethereum breaks out of consolidation below $3,350

ETH/USD traded in a range of $3,235.11 – $3,445.08, indicating mild volatility over the last 24 hours. Trading volume has decreased by 18.33 percent and totals $18.5 billion, while the total market cap trades around $401.7 billion, resulting in the market dominance of 19 percent.

ETH/USD 4-hour chart: ETH targets $3,600 next?

On the 4-hour chart, we can see the Ethereum price pushing higher over the past hours, indicating more upside to come later today.

Ethereum price action has seen strong volatility over the past weeks. After several weeks of consolidation around $3,100-$3,350, ETH spiked higher at the end of August and rallied to $4,000 on the 3rd of September.

From there, several days of consolidation were seen until a huge decline was seen on the 7th of September. Ethereum price quickly lost more than 20 percent, with support at $3,100 preventing further downside.

What followed was a brief recovery and another move lower on Friday. ETH/USD set a higher low at $3,200 and started to consolidate over the next 24 hours below $3,350 resistance. 

Today, Ethereum finally broke higher with a strong move to $3,450. Overall, we expect this price action momentum to continue later today, with the $3,600 resistance as the next target.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the next 24 hours as bulls have pushed above the $3,350 resistance over the past hours. Therefore, we expect ETH/USD to continue higher and reach the $3,600 resistance next.

While waiting for Ethereum to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. newcoint.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.