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Ethereum Price Analysis: ETH breaks above $3775, more upside to follow?

www.cryptopolitan.com 03 January 2022 14:19, UTC
Reading time: ~2 m

  • Ethereum price analysis is bullish today.
  • ETH/USD spiked higher yesterday.
  • Next target at $3,900.

Ethereum price analysis is bullish today as we expect more upside over the next 24 hours after breaking above previous resistance yesterday. Likely ETH/USD will move to $3,900 resistance next, continuing to recover last week`s loss.

Ethereum Price Analysis: ETH breaks above $3775, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 0.14 percent, while Ethereum saw bullish momentum return, with a gain of 1.86 percent. Meanwhile, Aave (AAVE) is among the top performers, with a gain of almost 8 percent.

Ethereum price movement in the last 24 hours: Ethereum breaks above previous high

ETH/USD traded in a range of $3,745.73 – $3,836.16, indicating substantial volatility over the last 24 hours. Trading volume has increased by 22.16 percent, totaling $10.84 billion. Meanwhile, the total market cap trades around $455.9 billion, resulting in a market dominance of 20.15 percent.

ETH/USD 4-hour chart: ETH ready to test $3,900 next?

On the 4-hour chart, we can see the Ethereum price retesting the $3,775 previous resistance as support earlier today as bulls prepare to push the market even higher.

Ethereum Price Analysis: ETH breaks above $3775, more upside to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price saw heavy selling at the beginning of last week after a new high was set at $4,150. After a loss of around 13 percent, a new low was seen at $3,600, indicating bearish market structure.

The following recovery set high at $3,800 before retesting the downside and setting a higher low. From there, ETH/USD recovered and broke past the previous resistance yesterday.

Ethereum price peaked at $3,850, indicating reversal formin. Overnight, ETH/USD retested the previously broken resistance and set a higher local low, likely leading to another push higher over the next 24 hours.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as a strong higher high was set yesterday with a quick retracement retesting previous resistance as support overnight. Therefore, ETH/USD is now ready to push even higher, likely moving to the next resistance at $3,900.

While waiting for Ethereum to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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.

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