Ethereum price analysis: ETH slowly forms consolidation around $3,250, move higher next?

TL;DR Breakdown

• Ethereum price analysis is bullish today.
• ETH/USD set higher local low yesterday.
• Symmetrical triangle pattern is currently in play.

Ethereum price analysis is bullish today as we expect a break higher to follow the current consolidation with both lower high and higher low. Likely the $3,300 previous resistance will be breached, and more upside will be achieved early next week.

The market has traded with mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 0.53 and 0.72 percent, while the rest of the market remind calm except for Dogecoin, which gained over 8 percent.

Ethereum price movement in the last 24 hours: Ethereum sets a lower high after a bounce from $3,200

ETH/USD traded in a range of $3,208.08 – $3,264.55, indicating mild volatility over the last 24 hours. Trading volume has declined by 34.15 percent, totaling $8.85 billion, while the total market cap trades around $391 billion, resulting in market dominance of 19.75 percent.

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

On the 4-hour chart, we can see the market testing the $3,250 mark, which, if broken, could quickly lead to further upside early next week.

The Ethereum price action has seen a quick selloff during the beginning of the week. From the last lower local high at $3,560, ETH/USD declined by around 12 percent and broke past the $3,200 support.

Therefore, the trend has technically turned bearish again. However, further recovery that sets a medium-term lower high should be made before any further downside is tested later this month.

The Ethereum price action will likely rally above $3,300 early next week and move to the next major resistance at $3,400. From there, another major swing lower should follow.

Alternatively, if ETH/USD breaks the $3,200 local low, we could see another drop over the first days of next week. In this scenario, the next support is seen around $3,080.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bullish today as the market has continued to consolidate after a strong push lower earlier in the week. Likely the consolidation will resolve with more upside tested as bulls are eager to recover some of the loss.

While waiting for Ethereum to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.