After breaching over previous resistance yesterday, we forecast more gains over the next 24 hours, according to Ethereum price analysis. Next, ETH/USD is likely to climb to $3,900 resistance, recouping the previous week’s loss.
Over the last 24 hours, the cryptocurrency market has seen mixed results. Bitcoin, the market leader, fell 0.14 percent, while Ethereum gained 1.86 percent, resuming upward momentum. Meanwhile, Aave (AAVE) is one of the best-performing stocks, up about 8%.
Ethereum’s price has risen over its prior high in the last 24 hours
Over the previous 24 hours, ETH/USD has traded in a range of $3,745.73 to $3,836.16, exhibiting significant volatility. The overall trading volume has climbed by 22.16 percent to $10.84 billion. Meanwhile, the entire market capitalization is around $455.9 billion, indicating a 20.15 percent market share.
The 4-hour chart of ETH/USD: Is ETH set to test $3,900 next?
The Ethereum price retested the $3,775 prior resistance as support on the 4-hour chart earlier today, indicating that bulls are preparing to drive the market much higher.
Following a record high of $4,150, Ethereum‘s price suffered severe selling at the start of last week. A new bottom was observed at $3,600 after a loss of nearly 13%, showing a bearish market structure.
Following that, the recovery reached a high of $3,800 before retesting the downside and making a new low. After that, ETH/USD recovered and broke through yesterday’s resistance.
The price of Ethereum reached a high of $3,850, signifying a trend reversal. ETH/USD retested the previously broken barrier overnight and posted a higher local low, indicating that another push higher is probable in the next 24 hours.
Today’s Ethereum price analysis is positive, as a significantly higher high was made yesterday, followed by a rapid retreat that retested earlier resistance as support overnight. As a result, ETH/USD is poised to rise much further, most likely to the next resistance level of $3,900.