ETH Price Analysis: ETH rallies back to $3,300 resistance, breakout to follow?2 min read
- ETH price analysis is bullish for today.
- ETH/USD established support above $2,950 yesterday.
- ETH is set to break above the $3,300 resistance.
ETH price analysis is bullish today as the market rallied from the $2,950 support yesterday and has already approached the $3,300 resistance. Therefore, we expect ETH/USD to finally break the $3,300 resistance and try to set further highs.
The cryptocurrency market traded with a strong bullish momentum over the last 24 hours as BTC increased by 5.85 percent. ETH followed with even better results and is up by 7.96 percent. Meanwhile, Cardano (ADA) is among the best performers, with a gain of 22 percent.
ETH price movement in the last 24 hours: ETH rallies away from the $2,950 support
ETH/USD traded in a range of $3,022.01 – $3,251.17, indicating substantial volatility over the last 24 hours. Trading volume has increased by 18.8 billion, while the total market capitalization trades around $380.9 billion, resulting in the market dominance of 18.54 percent.
ETH/USD 4-hour chart: ETH targets the $3,300 resistance
On the 4-hour chart, we can see the ETH price approaching the previous significant resistance at $3,300 as bulls are ready for another attempt to break higher.
ETH price has seen a significant advance over the past month. After retesting the $1,725 significant support on the 20th of July, ETH/USD reversed and advanced towards previous swing highs.
Both the $2,400 and $2,900 previous highs were broken over the past weeks, indicating a shift in the market momentum. However, a slowdown in advance was eventually seen around the $3,300 resistance, where only slightly higher highs could be set.
This development of price action resulted in consolidation for more than a week around the $2,950-$3,300. Yesterday, we saw ETH price start to rally again, with a 10 percent gain since.
Overall, ETH/USD is likely to continue moving higher later today and finally breach the $3,300 resistance as bulls have regained their strength after several days of consolidation.
ETH Price Analysis: Conclusion
ETH price analysis is bullish for today as bulls started to push the market higher over the last 24 hours after consolidating above the $2,950 support earlier this week. Therefore, we expect ETH/USD to finally break above the $3,300 resistance and reach further highs over the weekend.
While waiting for ETH to move further, read our articles on BTC Futures, Decentralized Exchanges, as well as NFT Marketplace.
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