- Ethereum price analysis is bullish today.
- ETH/USD saw reversal overnight.
- $3,200 previous resistance currently tested.
Ethereum price analysis is bullish today as we saw a new low set at $3,050, followed by a consolidation later yesterday. Overnight, ETH/USD saw buying pressure return, leading to the $3,200 previous resistance being currently tested.
The market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 0.08 percent, while Ethereum 1.35 percent. The rest of the top altcoins follow with similar results.
Ethereum price movement in the last 24 hours: Ethereum consolidates before pushing to $3,200
ETH/USD traded in a range of $3,092.21 – $3,178.63, indicating substantial volatility over the last 24 hours. Trading volume has declined by 37.65 percent, totaling $8.8 billion, while the total market cap trades around $378.7 billion, resulting in a market dominance of 18.92 percent.
ETH/USD 4-hour chart: ETH looks to break $3,200 resistance
On the 4-hour chart, we can see the Ethereum price currently pushing higher with strong momentum, potentially leading to the previous high being broken.
Ethereum price action has seen another reversal to the downside over the past days. After previously breaking to $3,400 resistance, a double top was formed on the 17th of January.
From there, ETH/USD saw several days of steady decline this week. The previous low at $3,200 was broken, indicating bearish market structure forming again.
Yesterday, the next resistance at $3,100 was broken, leading to further lows tested at $3,050. However, since then, the Ethereum price action has shown signs of bullishness again. If the $3,200 resistance can be broken, we could see a lot more upside over the next days.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we have seen buying pressure return since midnight, leading to the $3,200 mark. Additionally, ETH/USD formed a consolidation around $3,100, indicating a lack of selling pressure late yesterday.