- 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.
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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