TL;DR Breakdown
- ETH breaks $3,200 support.
- ETH/USD peaks at $2,850.
- Market prepares to retrace to the upside.
Today’s Ethereum price prediction is bullish as the market spiked below the $3,000 mark over the past hours and rejects further downside as of now. Therefore, er expect ETH/USD to move higher later today and retest previous support of $3,200 as a resistance.
The overall market has moved lower over the last 24 hours. Bitcoin trades above $40,000, with a loss of 10 percent. Even worse performance is seen for Ethereum as it is down by 14 percent. The rest of the altcoin market follows this pattern with various results.
ETH/USD opened at $3,376 after consolidating around $3,400 yesterday. Overnight, the market pushed lower and reached a new several-week low of 2,850. Therefore, we predict that ETH will move to retrace some of the loss later today.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $$2,867- $3,562, indicating a huge amount of volatility. Trading volume has increased by 5 percent over the last 24 hours and stands at $49.4 billion. Meanwhile, the total market cap trades around $345,8 billion, resulting in market dominance of 18.4 percent.
ETH/USD 4-hour chart – ETH
On the 4-hour chart, we can see ETH/USD currently rejecting further downside as the market prepares to move higher later today.
The overall Ethereum price action continues trading in a bearish momentum over the past days after a new all-time high was set at the $4,400 mark. Before the new all-time high was set, Ethereum gained more than 100 percent from the previous major support level of $2,100. Therefore, we can expect similar results once the current medium-term downswing completes.
Currently, however, we expect Ethereum to continue moving lower until clear signs of reversal are established. As we can see on the 4-hour chart, three separate bearish waves have been set over the past week, resulting in an overall retracement of around 35 percent. Therefore, the bearish momentum could soon come to an end.
Overnight a new lower low was set at $2,850, with ETH/USD quickly returning to the $3,000 support. Therefore, we should see Ethereum price move higher over the next 24 hours to retest previous support at $3,200 as resistance.
Once the resistance is retested, we will see another push lower as bulls attempt to set a higher low, from which to move higher over the upcoming weeks.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as further bearish momentum has been rejected below the $3,000 mark over the last hours. Therefore, ETH/USD is set to retrace some of the overnight losses and move to retest the $3,200 previous support as a resistance.
While waiting for further Ethereum price action development, read our latest guide on Ethereum mining pools and mining software. To learn more about the most popular Ethereum fork, read our Ethereum Classic price prediction.
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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Source: https://www.cryptopolitan.com/ethereum-price-prediction-2021-05-19/
