- ETH reached $3,000 yesterday.
- Anther attempt to move higher rejected overnight.
- Closest support at $2,400.
Today’s Ethereum price prediction is bearish as the market tested the $3,000 mark yesterday and started to reverse overnight. Therefore, we expect ETH/USD to move lower today to set another higher low around $2,400.
The overall market trades with mixed results over the last 24 hours. Bitcoin has remained relatively flat with a small loss of 0.5 percent. Meanwhile, Ethereum trades at a 1.24 percent loss. Among the worst performers is Ripple (XRP), as it has lost 5.77 percent.
ETH/USD opened at $2,775 after a bullish retracement to $3,000 yesterday. From there, the Ethereum price started moving lower overnight as the market attempts to set another higher low, from which to push higher over the weekend.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $2,575 – $2,993, indicating a good amount of volatility. 24 trading volume has decreased by 43.5 percent as the overall market interest has decreased. Meanwhile, the total market cap trades around $307 billion, resulting in market dominance of 17.63 percent.
ETH/USD 4-hour chart – ETH
On the 4-hour chart, we can see Ethereum starting to move lower over the past hours as another higher low will likely be formed later today.
The overall market continues to trade in a very bearish price action structure ever since a new all-time high was set at the $4,400 mark. Since then, Ethereum has declined by 50 percent over the past weeks, and we expect that the bearish momentum is exhausted.
Therefore, the Ethereum price action should start to reverse over the upcoming weeks. Yesterday we saw the $3,000 resistance reached and retested, from there, the market started moving lower overnight. This should lead to another higher low set over the weekend.
Once the higher low is set, we expect bulls to take over again and push the market above the $3,000 resistance. Break above $3,000 would be a clear sign that the market is ready to move higher over the upcoming weeks to regain the loss seen over the past weeks.
Currently, however, it is best to wait for further price action development.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the $3,000 resistance was reached yesterday, and the market reversed overnight. Therefore, we expect ETH/USD to continue moving lower later today to establish a higher low above $2,400.,
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