- ETH found support at $1,550 yesterday.
- Closest resistance for ETH at $1,650.
- Next resistance at $1,725.
Today’s Ethereum price prediction is bearish as the market retests previous support at $1,650 as resistance. If the resistance holds, we should see further downside over the weekend.
Cryptocurrency heat map. Source: Coin360
When looking at the 24-hour heatmap, we can see that the market has recovered after bearish momentum over the past few days. Market leader – Bitcoin is up by 2.55 percent, while Ethereum follows close by with a 2.1 percent gain. Ripple and Tron show the best performance, with gains of 12.6 and 16.6 percent.
Ethereum price prediction: Ethereum tests $1,650, prepares to push lower
ETH/USD opened at $1,587 after consolidating above $1,550 support yesterday. So far, the Ethereum price movement has broken above the previous high, indicating that we could see further upside. However, first, the minor resistance at the $1,650 mark needs to be broken.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $1,575 – $1,643, indicating a decent amount of volatility after calm yesterday’s trading session. Trading volume for the past 24 hours has seen a decrease by 39 percent and totals just $23.5 billion, indicating a lack of market interest and likely exhaustion from sellers. The total market cap stands at $188.5 billion, which still ranks Ethereum in 2nd place overall.
ETH/USD 4-hour chart – ETH attempting to move back above the $1650 mark
On the 4-hour chart, we can see Ethereum found support at $1,550 yesterday, and currently looks to move higher towards $1,650, which previously served as minor support. Therefore, if Ethereum can not break above the $1,650 later today, we should see another push lower over the weekend.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has been very bearish this week. After failing to move higher on the 13th of March, ETH/USD continued to consolidate around $1,725-$1,850 area for several days. On the 20th of March, the Ethereum price attempted to break out of this consolidation unsuccessfully.
What followed was a strong move to the downside over several days that broke previous support around both the $1,725 and $1,650 price levels. Overall, this move has resulted in a loss of around 20 percent, indicating that Ethereum has retraced by a decent amount once again.
After Ethereum found support at the $1,550 mark yesterday, the price momentum reversed and started regaining some of the loss. Right now, ETH/USD has approached previous support at the $1,650 mark. If the market manages to break above, we should see further upside over the next 24 hours as the next resistance is located at the $1,725 mark, which previously acted as very strong support.
Therefore, the Ethereum price structure is very bearish right now. If the $1,650 level holds Ethereum from further upside, we should see another push higher over the weekend towards the next support at the $1,450 mark. From there, Ethereum will likely start to reverse its current several-day bearish momentum and prepare for another medium-term push higher.
Alternatively, if Ethereum breaks the current minor resistance at $1,650, the next resistance at $1,725 is still likely to reverse the market back to the downside. Ultimately, this means that the Ethereum price action is in a very bearish formation right now, and we shouldn’t expect to see new higher highs until next week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as ETH/USD is resisted by the previous support, now turned resistance of $1,650. Unless the current short-term bullish Ethereum price momentum is sustained, we are likely to see another wave lower over the weekend, with the next support located at the $1,450 mark.
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