- ETH is still trading close to resistance at $1,940.
- Next target at the $2,040 mark.
- Closest support at $1,850.
Today’s Ethereum price prediction bearish as the market has gained 10 percent over the last 24 hours and has found previous resistance at $1,940. Therefore, we are likely to see ETH/USD retrace lower later today and retest the last resistance of $1,850 as support.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has seen strong bullish momentum over the last 24 hours. Bitcoin has remained relatively flat as it is resisted by $60,000 major resistance and consolidates around $58,500. However, most of the altcoin has seen a strong bullish impulse higher. Filecoin (FIL) has gained the most amongst the top altcoins as it is up by 42 percent and has broken the $200 mark.
Ethereum price prediction: Ethereum breaks previous high at $1,940, next target at $2,040
ETH/USD opened at $1,919 after several days of bullish momentum. Right now previous significant swing high at $1,940 has been broken. However, some rejection is seen for the market. Therefore, we could see Ethereum retrace and retest previous resistance turned support at the $1,850 mark. From there, Ethereum will likely push higher towards the all-time high of $2,040.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $1,797 – $1,966, indicating a good amount of volatility. Trading volume has increased by 30 percent and totals $31 billion, meaning an increased market interest, likely to push the market above the previous swing high. The total market cap has returned above $200 billion and stands at $224 billion, ranking the cryptocurrency in 2nd place overall with a market dominance of 11.84 percent.
ETH/USD 4-hour chart – ETH peaks at $1,966, reversal to follow?
On the 4-hour chart, we can see the first sign of rejection around the $1,940 resistance. ETH/USD has returned below $1,935 and likely prepares to set a bearish rejection pin-bar candle. Therefore, ETH/USD will likely retrace over the next 24 hours and retest the previous resistance of $1,850 as support.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has finally started regaining its bullish momentum after spending the last half of March in a retracement from $1,940 to $1,550, resulting in a loss of over 20 percent. After support was found at the $1,550 mark, Ethereum consolidated for a day and finally started pushing higher.
The first resistance was met at the $1,725 mark, and once it was broken, ETH/USD saw a quick jump higher of over 10 percent towards the previous major resistance at $1,850. After a small retracement earlier this week, Ethereum pushed higher yesterday and reached the several-week high of $1,940, which is the last resistance before the all-time high of $2,040.
Right now, the short-term Ethereum price action looks to turn bearish again as further upside is rejected. ETH/USD has already returned below the $1,940 and looks to close the current 4-hour candle as a bearish pin bar, signaling a reversal and an overextension for the current wave to the upside.
Therefore, the Ethereum price will likely retrace over the next 24 hours, with the closest support located at $1,850, which previously served as a resistance. From there, Ethereum will likely consolidate for some time as it prepares to retest the all-time high at $2,040 finally. This means that a long position taken from the $1,850 support could lead to a quick 10 percent gain if we consider the $2,040 level as the target price for the next wave higher.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the Ethereum price action momentum is exhausted after retesting $1,940 resistance. This exhaustion should lead Ethereum towards retracing lower over the next 24 hours. If support is found at the $1,850 previous resistance, we are likely to see Ethereum push towards the all-time high of $2,010 over the following days.
While waiting for further Ethereum price action development, see our long-term Ethereum price prediction, as well as a comparison article on Bitcoin vs Ethereum. To learn more about another great altcoin, see our Litecoin price prediction.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.