Ethereum price analysis: ETH briefly tests $3,100, ready to push higher again?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• Higher high set below $3,300.
• ETH/USD retested support at $3,100.

Ethereum price analysis is bullish today as we expect more upside to be tested soon as the market rejected downside after a quick spike to $3,100 earlier today. Therefore, we expect another push higher, with the $3,400 mark as the next major target.

The market has seen mixed results over the last 24 hours. The market leader, Bitcoin, has gained 2.79 percent, while Ethereum just 0.05 percent. The rest of the top altcoins have seen slightly negative results.

Ethereum price movement in the last 24 hours: Ethereum peaks below $3,300, quickly retests downside

ETH/USD traded in a range of $3,105.25 – $3,271.32, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by almost 20 percent, totaling $17 billion. Meanwhile, the total market cap trades around $382.95 billion, resulting in a market dominance of 18.72 percent.

ETH/USD 4-hour chart: ETH ready to continue higher?

On the 4-hour chart, we can see the Ethereum price quickly rejecting any downside over the past hours, indicating that more upside should be tested soon.

Ethereum price action has seen a strong advance over the last weeks. After another higher low was set at $2,600 on the 4th of February, ETH/USD rallied over 18 percent to the $3,050 mark.

From there, more upside followed after slight consolidation during the 6th of February. The $3,200 next major resistance was tested next, with a break higher following yesterday.

Ethereum price set further higher high just below $3,300 late yesterday before slightly dropping lower. Today, another attempt to break higher was seen and quickly rejected. However, the following retracement also was met with strong rejection, indicating that the overall direction is still bullish. 

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as we have seen further higher high set and the following retracement quickly rejected. ETH/USD should push higher again by the end of the day and move towards the $3,400 next major resistance. 

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.