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ETH Price Analysis: ETH ready to break $3,300 after a retest of $3,100 support?

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TL;DR Breakdown

  • ETH price analysis is bullish for today.
  • ETH/USD retested previous support yesterday.
  • ETH rallies back to $3,300 previous high.

ETH price analysis is bullish for today as the previous low of around $3,100 was retested yesterday and reversal was seen overnight. Therefore, we expect ETH/USD to trade higher today and look to finally break above the $3,300 resistance.

Ethereum Price Analysis: ETH ready to break $3,300 after a retest of $3,100 support? 2
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. BTC is down by 0.7 percent, while ETH is up by 0.19 percent. Ripple (XRP) is among the worst performers, with a loss of 5.6 percent, while Solana (SOL) is among the best, with a gain of 12 percent. 

ETH price movement in the last 24 hours: ETH retests the $3,100 support

ETH/USD traded in a range of $3,119.79 – $3,289.00, indicating mild volatility over the last 24 hours. Trading volume has increased by 3.94 percent and totals $24 billion. Meanwhile, the total market capitalization trades around $384.9 billion, resulting in market dominance of 18.96 percent.

ETH/USD 4-hour chart: ETH ready to breach $3,300?

On the 4-hour chart, we can see the ETH price approaching the $3,300 resistance as bulls look to continue the several-week advance.

Ethereum Price Analysis: ETH ready to break $3,300 after a retest of $3,100 support?
ETH/USD 4-hour chart. Source: TradingView

ETH price action has seen an increase by more than 90 percent over the past month after the previous significant swing low around $1,725 was retested on the 20th of July. However, ETH/USD has slowed down its advance with only a slightly higher high set over the past week.

On the 13th of August, ETH reached the $3,300 mark after a minor rally. However, no further upside was seen, and ETH retraced to set a slightly higher low around $3,100. Over the weekend, ETH/USD rallied again and set a double top at the $3,300 mark.

This ETH price action was followed by another retest of the $3,100 support. Since the previous low was not broken, we can assume that the market direction is still bullish. However, unless ETH can set a new higher high above $3,300, we might see a several-week retracement begin later this month.

ETH Price Analysis: Conclusion 

ETH price analysis is bullish for today as the previous low was retested yesterday, and bulls started to gain momentum again over the past hours. Therefore, we expect ETH/USD to breach the $3,300 resistance later today and target the $3,600 mark next.

While waiting for Litecoin to move further, read our articles on BTC Futures, Physical BTC, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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.

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