Ethereum Price Analysis: ETH prepares to target $3,600 after a rapid retracement overnight?

TL;DR Breakdown

• ETH set a slightly higher high yesterday.
• ETH/USD retraced overnight.
• Ethereum prepares to rally again.

Ethereum price analysis is bullish for today as the market retraced overnight and currently looks to set another higher low. Once a higher low is set, we expect ETH/USD to continue moving higher along with the overall trend.

The cryptocurrency market trades with mixed results over the last 24 hours. Market leader, Bitcoin has lost 0.7 percent, while Ethereum is down by 2 percent. Ripple (XRP) is among the best performers, with a gain of 14 percent.

Ethereum price movement in the last 24 hours: Ethereum retraces below $3,200

ETH/USD traded in a range of $3,153.31 – $3,287.45, indicating mild volatility over the last 24 hours. Trading volume has decreased by 11.5 percent and totals $19.15 billion. Meanwhile, the total market capitalization trades around $369.6 billion, resulting in market dominance of 18.9 percent.

ETH/USD 4-hour chart: ETH prepares for another rally?

On the 4-hour chart, we can see the Ethereum price retracing to set another higher low in preparation for further upside early next week.

Ethereum price action trades with a strong bullish momentum over the last weeks. From the previous major swing low of $1,725, ETH/USD has gained more than 90 percent until the current high of $3,320. 

Yesterday, Ethereum failed to see significant further highs, resulting in a retracement overnight. Ethereum price fell back below the $3,200 mark and currently attempts to set another higher low.

Once a higher high is set, we expect ETH/USD to rally higher again early next week along with the overall, several-week bullish momentum. The next target for the Ethereum price is around the $3,600 mark and will likely be reached next week.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish for the next 24 hours as another higher low currently gets established after a retracement overnight. Therefore, we expect ETH/USD to make another push higher later today and continue its way towards $3,600 next 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-2021-08-15/