- ETH found support at $2,400 yesterday.
- $2,800 broken in the morning.
- Next resistance for ETH/USD at $3,000
Today’s Ethereum price prediction is bullish as the market continued to move higher overnight and broke above the previous resistance at $2,800. Therefore, we expect ETH/USD to move higher later today towards the next resistance at $3,000.
ETH/USD opened at $2,707 after a slight bullish close yesterday. The previous resistance at $2,800 was broken, indicating that bulls control the market price action.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,396 – $2,911, indicating a moderate amount of volatility. The trading volume over the last 24 hours has decreased by 8.32 percent and totals $46.9 billion. The total market cap stands at $326 billion, resulting in market dominance of 18.77 percent.
ETH/USD 4-hour chart – ETH spikes above $2,800
When looking at the 4-hour chart, we can see the Ethereum price setting a higher high over the past hours, meaning that bulls are in control.
The overall market continued to trade in a bearish momentum over the past weeks. Since setting a new all-time high at $4,400 on the 12th of May, ETH/USD retraced more than 50 percent until resistance was found around $1,900.
From there, another spike lower was set last week to the $1,725. This resulted in an equally strong push to the upside over the last days, with the $2,800 resistance broken yesterday.
Overnight, ETH/USD retraced and found local support at the $2,400 mark, where the market reversed once again and started to move higher overnight. The Ethereum price spiked above the $2,800 resistance yesterday, indicating that bulls are taking over the overall price action development.
Therefore, we expect further upside later today, with the $3,000 mark likely broken. A clean break above the $3,000 mark would further indicate that the overall market sentiment is switching back to bullish.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market continues moving higher towards the $3,000 price mark. Once it is broken, we can expect the bullish momentum to increase even more over the following days.
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