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Ethereum Price Analysis: ETH swiftly continues higher – tests $3,400


www.cryptopolitan.com 12 January 2022 14:13, UTC
Reading time: ~2 m

  • Ethereum price analysis is bullish today.
  • ETH/USD consolidated at $3,250 overnight.
  • Strong buying pressure was seen this morning.

Ethereum price analysis is bullish today as the market currently breaks higher. Likely we could see the $3,400 mark tested next, meaning a total gain of 16 percent since the last low.

Ethereum Price Analysis: ETH swiftly continues higher - tests $3,400 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen strong buying pressure return over the last 24 hours. The market leader, Bitcoin, has gained 5.42 percent, while Ethereum has a strong 7.81 percent. The rest of the top altcoins follow with similar gains.

Ethereum price movement in the last 24 hours: Ethereum pauses below $3,250, break higher

ETH/USD traded in a range of $3,091.97 – $3,353.49, indicating strong volatility in the market. Trading volume has declined by 5.44 percent, totaling $18 billion. Meanwhile, the total market cap trades around $399.5 billion, resulting in a market dominance of 19.32 percent.

ETH/USD 4-hour chart: ETH looks to test $3,400 next?

On the 4-hour chart, we can see the Ethereum price still advancing, likely leading even higher by the end of the day.

Ethereum Price Analysis: ETH continues higher - current tests $3,400
ETH/USD 4-hour chart. Source: TradingView

Ethereum price saw the previous bearish momentum slow down over the past week. After initially dropping around 20 percent, support was found at $3,100.

More downside followed over the weekend and Monday, with new lows set at $3,000 and $2,950, respectively. Therefore, signs of exhaustion for bears are clearly in the market structure.

The Ethereum price saw a strong recovery to $3,250 previous local resistance yesterday. After quiet trading overnight below the resistance, ETH/USD continued higher today and has since moved towards the $3,400 mark.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw previous resistance broken in the morning. Since then, ETH/USD has continued higher and currently trades below $3,400 with strong momentum.

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

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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