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ETH Price Prediction: Ethereum consolidating but technical indicators show another $3,550 bull run looming

ETH Price Prediction

TL;DR Breakdown

  • ETH price prediction shows the crypto asset is currently experiencing a tight price consolidation.
  • According to on-chain indicators, Ethereum might retrace back to its immediate demand barrier between $3,280 and $3,400.
  • Several key indicators show Ethereum is strengthening its fundamentals, adding credence to its bullish narrative.

At the time of writing, Ethereum’s price appears to be consolidating as it continues to record a range-bound price movement. This comes at a time when the pioneer cryptocurrency recorded a new ATH on the 5th of May. According to analysis, Ethereum is likely to revisit its swing low before embarking on a new bull run, which. is poised to push it to new highs.

ETH Price Prediction: General price overview

On Wednesday, Ethereum appreciated by about 7 percent, reversing the losses it incurred the previous day. Despite this, Ethereum appears to be currently consolidating its price surge. This is not good news as further consolidation might push the crypto asset below the $3,000 mark. The bulls are therefore working tirelessly to keep the bullish momentum alive, with a new denial o0f Ethereum’s latest $3,500 resistance level. Failing to settle above the $3,500 mark puts Ethereum at risk of plunging. However, the middle points of Ethereum’s Bollinger Bands appear to be cushioning the crypto asset from further declines in the recent leg as is evident on the 12-hour chart.

At present, the $3,300 mark may act as Ethereum’s immediate support level, before the $3,200 support comes into the picture. On looking at the movement of the Bollinger bands, it is clear its width is spreading out, insinuating further volatility is in store for the crypto asset. However, it is also clear that the range is starting to stiffen, communicating Ethereum’s price movement might start slowing down soon.

ETH price movement in the past 24 hours

ETH Price Prediction: Ethereum consolidating but technical indicators show another $3,550 bull run looming 1
Source: TradingView

According to Ethereum’s 24-hour price movement, it is evident the crypto coin registered a new all-time high at $3,530 after surging by about 8 percent. According to Coinmarketcap.com, Ethereum is up by about 25 percent, with its total market capitalization surging past the $400 billion mark today. Although Ether is not the most valuable crypto asset in the market today, it has been getting significant demand compared to Bitcoin. At the time of writing, Ether’s market dominance is currently enjoying an all-time high of about 18 percent.

At present, it seems Ethereum is leading the pack as the crypto market continues to recover from the recent crash. For instance, Ethereum has been one of the few crypto-assets recording significant price surges that are breaking records over the past few weeks.

ETH 4-hour chart

ETH Price Prediction: Ethereum consolidating but technical indicators show another $3,550 bull run looming 2
Source: TradingView

On the 4-hour chart, Ethereum appears to have formed a trading range between $3,200 and $3,500. As the crypto asset continues to move downwards, it could either break out at its immediate support region that ranges from $3,250 to $3,900 or plunge further towards its swing low.

Although the current prediction might come as a scare to some investors, a price plunge would spell good fortunes for long-term holders. Such investors will have an opportunity to accumulate Ether tokens at a lower price, availing a brief buying spree that will keep the crypto asset from plunging.

Conclusion

In the event Ethereum’s price dips, investors should not be worried as the crypto asset is likely to bounce from such a situation to retest its ATH at $3,559. If the bull run has enough stamina, investors should await Ethereum’s price hitting the roof to register a new milestone at around $3,800. This will coincide with its 161 percent Fibonacci retracement level.

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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Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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