Ethereum Price Analysis: ETH ready to test $3,500?

0
111

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD still consolidates above $3,300.
  • Bullish momentum is slowly returning.

Ethereum price analysis is bullish today as no further downside was seen after consolidation above $3,300 over the last 24 hours. Therefore, we expect ETH/USD to break higher early next week and target the $3,500 next resistance.

Ethereum Price Analysis: ETH ready to test $3,500? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the green with a 0.35 and 0.32 gain, respectively. Cardano (ADA) is among the best performers, with a gain of 10 percent.

Ethereum price movement in the last 24 hours: Ethereum consolidates above $3,300

ETH/USD traded in a range of $3,291.56 – $3,364.54, indicating mild volatility over the last 24 hours. Trading volume has declined by 9.73 percent, totaling $9.87 billion, while the total market cap trades around $400 billion, resulting in a market dominance of 19.16 percent.

ETH/USD 4-hour chart: ETH prepares to break higher?

On the 4-hour chart, we can see the Ethereum price action has established a strong base over the last 24 hours, leading to another push higher soon.

Ethereum Price Analysis: ETH ready to test $3,500?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has seen signs of recovery this week. After the last spike lower to $2,950 was quickly rejected on the 10th of January, ETH/USD set a strong higher high at $3,400.

Steady retracement followed earlier in the week to $3,200, meaning a strong higher low was set. Since then, buying pressure has slowly returned, leading to a consolidation above $3,300.

Therefore, unless the Ethereum price breaks down over the next 24 hours, we expect another push higher soon. Likely the next target at $3,500 will be reached early next week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as another higher low has been established around $3,300. Therefore, ETH/USD is now ready to continue higher and target the $3,500 next major resistance. 

While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.