Ethereum Price Analysis: ETH tests $3,200 resistance again, ready for a breakout?

TL;DR Breakdown

• ETH rallied below $3.200 yesterday.
• ETH consolidates below $3,2000 overnight.
• Ethereum is set to break higher today.

Ethereum price analysis is bullish for today as the market approached the $3,200 resistance once again after a rally yesterday. Therefore, we expect ETH/USD to breach through the $3,200 resistance and look to reach the $3,600 resistance next.

The cryptocurrency market trades in green over the last 24 hours. Bitcoin is up by 0.63 percent, while Ethereum is up by 2.2 percent. Cardano (ADA) is among the best performers, with a gain of 8.77 percent.

Ethereum price movement in the last 24 hours: Ethereum tests $3,200 resistance again

ETH/USD traded in a range of $3,044.63 – $3,197.54, indicating mild volatility over the last 24 hours. Trading volume has decreased by 8.3 percent and totals $28.25 billion. The total market capitalization trades around $370.3 billion, resulting in market dominance of 19.79 percent.

ETH/USD 4-hour chart: ETH set to breaks $3,200 resistance?

On the 4-hour chart, we can see the Ethereum price trading just below the $3,200 resistance once again as bulls attempt a breakthrough.

Ethereum price action has traded with a strong bullish momentum over the last weeks. After retesting the previous major swing low support around $1,725, ETH/USD started to rally and broke past the previous swing high of $2,400 at the end of July.

What followed was a continuous bullish momentum past the $2,900 resistance and, eventually, a test of the $3,200 mark. This Ethereum price action development indicates a very strong bullish sentiment as of now, which should lead towards a lot more upside later this month.

Over the past days, Ethereum retraced to set another higher low around $2,900 and started to rally higher from there. Currently, ETH/USD trades just below the $3,200 resistance, which, once broken, will open up a way for a lot more upside later this week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish as another rally higher was seen over the last 24 hours, leading ETH towards another retest of the $3,200 mark. Therefore, we expect ETH/USD to break the $3,200 resistance next and rally higher later this week.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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.

Source: https://www.cryptopolitan.com/ethereum-price-analysis-2021-08-10/