- ETH spikes below $1,900 yesterday.
- ETH/USD peaks at $1,725.
- Bullish momentum seen this morning.
Today’s Ethereum price prediction is bullish as the market found support at $1,725 after breaking the previous low of $1,900. Since then, the market has moved higher as bulls look to set a significant swing high.
The overall market trades in the green over the last 24 hours. Bitcoin has gained more than 7 percent, while Ethereum trades with a 24 hour gain of almost 14 percent. The rest of the altcoin market follows this pattern, with Monero being among the best performers as it has posted a gain of almost 25 percent.
ETH/USD opened at $2,100 after a strong bearish move lower and rejected further downside above the $1,725. Therefore, we can expect ETH/USD to move higher to regain some of the loss seen last week and establish a higher local high.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $1,737 – $2,296, indicating a moderate amount of volatility. 24-hour trading volume has spiked by almost 70 percent and totals $60.8 billion. The total market cap trades around $265 billion, resulting in market dominance of 17.49 percent.
ETH/USD 4-hour chart – moves towards $2,400
On the 4-hour chart, we can see ETH/USD pushing higher earlier today after a failure to move below the $1,700-$1,800 support area.
The overall market trades in a very strong bearish momentum over the past weeks. Since establishing a new all-time high at the $4,400 mark, ETH/USD has lost around 60 percent to the $1,725 low.
When looking at the low set yesterday, we can see that the bearish momentum no longer can push much lower as bears are exhausted. Therefore, as soon as a new swing high is set, we could see the market retrace to set a higher low. From there, the Ethereum price will likely move higher over the next weeks to regain the loss seen over the past weeks.
However, the best option is to wait for further Ethereum price action development as the market has yet to establish a clear sign of upcoming trend reversal.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market rejected further downside yesterday and currently moves higher to establish a swing high. From there, ETH/USD should start to move sideways to establish a base for the next major upswing.
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