- ETH breaks $2,040.
- ETH/USD is up by almost 40 percent since 25th March.
- Resistance at 2,140.
Today’s Ethereum price prediction is bullish as the market has finally broken the previous all-time high at $2,040 with a very strong bullish momentum that continued overnight. Therefore, we should see ETH/USD move further over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market today has mixed results. Market leader Bitcoin remains relatively flat with a -0.28 percent loss. Meanwhile, Ethereum has seen excellent performance as it set a new all-time high overnight and currently trades with a 24 hour gain of 6.35 percent. Polkadot is one of the best performers from the major altcoins as it is up by 21 percent. Overall the market direction is unclear, and each cryptocurrency could move independently.
Ethereum price prediction: Ethereum breaks previous all-time high, moves above $2,100
ETH/USD opened at $2,134 after strong bullish momentum yesterday of almost 9 percent resulted in the previous all-time high of $2,040 finally broken. Over the past hours, ETH has retraced as it prepares for further upside over the next 24 hours.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $1,993-$2,152, indicating large volatility over the past 24 hours. Trading volume has decreased by 2.76 percent and totals $32 billion. The total market cap has almost reached the $250 billion mark as it stands at $245 billion, with the market dominance of 12.46 percent.
ETH/USD 4-hour chart – ETH sets new all-time high at $2,145
On the 4-hour chart, we can see Ethereum retracing some of the gains seen overnight and retracing towards $2,080. Right now, the market starts to build momentum to push higher later today.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has regained very strong bullish momentum over the past week. After retracing by 35 percent from the all-time high set in February, ETH/USD spent the beginning of March slowly regaining a bullish trend. However, strong resistance was met around $1,940 during the first half of March, resulting in another reversal lower over the following days.
After retracing by 20 percent in the second half of March, the bearish Ethereum price momentum found support at the $1,550 mark. From there, the current bullish price momentum started pushing Ethereum higher every day.
On the 1st of April, ETH/USD broke above the previous major swing high, indicating that the medium-term bearish momentum has shifted and a new higher high has been set. Further, without much retracement, Ethereum reached and broke the all-time high at $2,040 yesterday.
Since the price momentum has not decreased, we can expect the Ethereum price to move higher over the next few days and likely target the next major psychologically important resistance of $2,500, as mentioned in our yesterday’s Ethereum price prediction.
Alternatively, if ETH/USD fails to move higher, we could see a much larger retracement, with the first obvious support level being the $2,040 resistance turned support. Considering how far ETH/USD has moved over the past days, there is a good chance that the $2,040 level will not provide enough support, and a much deeper retracement will be seen. Therefore, the $1,940-$1,50 area could serve as a much more conservative target from which to look to re-enter the market.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the several-day bullish momentum continues pushing the price of ETH/USD towards new highs. Small retracement was made earlier today, allowing for more bulls to jump into the market, meaning that we should see further upside later today.
While waiting for Ethereum to push higher, see our long-term Ethereum price prediction, as well as comparison article on Bitcoin vs Ethereum. To learn more about another great altcoin, see our Tron 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.