Ethereum Price Analysis: ETH moves higher, targets $3.500 next?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD found support at $3,200 yesterday.
• A quick retest of $3,250 as support is seen currently.

Ethereum price analysis is bullish today as we expect more upside to follow after rejection from the $3,200 mark was seen yesterday. Therefore, ETH/USD is likely ready to break higher and move towards the previous local high.

The cryptocurrency market has turned green over the last 24 hours. The market leader, Bitcoin has gained 1.92 percent, while Ethereum by 2.96 percent. Terra (LUNA) is among the top performers, with a gain of over 7 percent.

Ethereum price movement in the last 24 hours: Ethereum moves higher, finds some resistance at $3,350

ETH/USD traded in a range of $3,214.01 – $3,335.11, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 30.96 percent, totaling $10.98 billion. Meanwhile, the total market cap trades around $393.25 billion, resulting in a market dominance of 19.17 percent.

ETH/USD 4-hour chart: ETH targets $3,500 next?

On the 4-hour chart, we can see a slight retest of downside for the Ethereum price action over the past hours, likely resulting in further upside tested later today.

Ethereum price action saw strong bullish momentum return earlier this week. After previously setting the last lower low at $2,950 on the 10th of January, ETH/USD saw a higher high set a day later.

Eventually, bulls peaked around $3,400, leading ETH into a slow retracement on Thursday. Yesterday, support was found at $3,200, resulting in a quick spike higher again.

For now, the Ethereum price action has peaked at $3,350, with a quick test of downside rejected over the past hours. Likely, this price action development will lead ETH/USD higher over the next 24 hours as bulls look to reach the next resistance at $3,500.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as the downside was rejected yesterday and earlier today. Therefore,  ETH/USD is likely ready to look to break further upside over the next 24 hours.

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