Ethereum price analysis: ETH breaks higher again, targets $3,200 next?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD saw another push higher begin late yesterday.
• Resistance at $3,200 almost reached.

Ethereum price analysis is bullish today as we have seen more upside tested after support was found at $2,950 yesterday. Therefore, we expect ETH/USD to move higher even more and reach the $3,200 next major resistance.

The market has seen another push higher over the last 24 hours. The market leader, Bitcoin, gained 5.09 percent, while Ethereum follows with 4.17 percent. Meanwhile, Ripple (XRP) is the top performer, with a gain of almost 17 percent.

Ethereum price movement in the last 24 hours: Ethereum continues to rally towards $3,200

ETH/USD traded in a range of $2,982.76 – $3,140.86, indicating substantial volatility over the last 24 hours. Trading volume has increased by 38 percent, totaling $13.4 billion, while the total market cap trades around $373.78 billion, resulting in a market dominance of 18.58 percent.

ETH/USD 4-hour chart: ETH still pushing higher

On the 4-hour chart, we can see the Ethereum price action looking to reach the $3,200 next resistance.

Ethereum price action has seen strong bullish momentum return over the past weeks. After a clear higher high above $2,700 resistance was set at the beginning of February, ETH/USD retraced to $2,600, retesting ascending trendline and setting a higher low.

From there, ETH saw a strong push to $3,050, breaking past the $2,950 resistance and establishing another clear higher high. On Saturday, the market briefly retraced to retest the $2,950 as retracement was expected after such a strong increase.

However, the $2,950 support could not be broken, leading the Ethereum price higher again late yesterday. Currently, ETH/USD is close to the next major resistance at $3,200. Once the resistance is reached, we could finally see retracement begin.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen strong advance resume late yesterday. Likely ETH/USD will move even higher and test the next resistance at $3,200.

While waiting for Ethereum to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.