- ETH spiked to $2,200 support overnight.
- ETH/USD trades below $2,800 resistance.
- Next resistance at $3,000.
Today’s Ethereum price prediction is bullish as the market spiked lower overnight and set a higher low around the $2,200 mark. Therefore, we expect ETH/USD to move higher over the next 24 hours as bulls attempt to reach back above the $3,000 mark.
The crypto market trades in the red today. Bitcoin trades below $40,000, with a loss of 2.2 percent. Meanwhile, Ethereum has decreased by 10 percent, with the rest of the altcoin posting even worse results.
ETH/USD opened at $2,443 after a very bearish close yesterday. Overnight, ETH/USD regained some of the loss and set a higher low around $2,200. Therefore, we should see further highs set over the upcoming 24 hours.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $1,952.46 – $3,007.34, indicating a severe amount of volatility. Trading volume has increased by 87 percent and totals $92.5 billion over the last 24 hours. The total market cap stands at $310 billion, resulting in market dominance of 17.89 percent.
ETH/USD 4-hour chart
On the 4-hour chart, we can see ETH/USD trading below the $2,800 mark after setting a higher low overnight.
The overall market price action continues trading in a strong bearish momentum over the past days. After ETH/USD set a new all-time high at $4,400 on the 12th of May, a retracement of over 50 percent was seen over the last week. This indicates that the market has retraced enough to start to move higher over the following weeks.
However, first, a base from which to move higher needs to be established. Yesterday, the Ethereum price action moved lower again and set a higher low around $2,200. From there, the market pushed higher and reached the $2,800 mark. Therefore, we could see Ethereum trade sideways over the rest of the week as a new base from which to move higher later this month is established.
The current major resistance level is seen at $3,000. Once it is broken, ETH/USD will start to regain bullish momentum. However, if the market reverses and moves below the $2,200 support, we expect further downside next week.
For now, it is best to stay on the sidelines and wait for further Ethereum price action development.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market rejected another attempt to move lower overnight and currently builds momentum to push above the $3,000 mark. Therefore, ETH/USD should see recovery over the rest of the week.
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