- ETH finds support at $2,000.
- Local resistance at $2,080.
- Next major support at $1,940.
Today’s Ethereum price prediction bullish as the market retraced earlier today after failing to move higher overnight and peaked at $2,080. Therefore, we expect ETH/USD to push higher over the next 24 hours in an attempt to set another higher high.
Cryptocurrency heat map. Source: Coin360
The crypto market is in the red today, as a slight decline was seen across the market earlier today. Bitcoin remains relatively flat and is down 0.5 percent. The rest of the altcoins follow this pattern of small loss. Among the top altcoins, we can see some exceptions – Ripple (XRP) and Tron (TRX) have moved significantly higher against the overall momentum and are up by 18 percent.
Ethereum price prediction: Ethereum fails to move higher, retests $2,000
ETH/USD opened at $2076 after a bullish close yesterday below the $2,100 mark. Overnight, the Ethereum price action turned bearish and started moving lower until support was found at $2,000 mark. Until this support holds, ETH has effectively set another higher low, meaning that the overall price action structure is still bullish, and we should see more upside later today.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $2,032 – $2,110, indicating mild volatility. Trading volume has decreased by 20 percent and totals $25.65 billion. Market dominance stands at 12.28 percent, with a total market cap of $236 billion.
ETH/USD 4-hour chart – ETH trades in an increasingly smaller range
On the 4-hour chart, we can see ETH/USD forming a rejection candle over the past hours after a failure to reach the $2,000 mark. Once the Ethereum price returns above $2,040, we expect strong bullish momentum to return.
Overall, Ethereum has slowed down over the past days after setting a new all-time high. Despite this, the overall several-day momentum is still extremely bullish as the market continues setting higher highs and lows since finding support at $1,550.
Since finding the support, Ethereum has rallied almost 40 percent, meaning that the current bullish momentum could be exhausted. However, until the Ethereum price action does not break its bullish structure by setting a lower low and high, we should see further upside over the next few days.
Over the weekend, we saw Ethereum move lower after peaking at around $2,140 and finding support around $2,000. After attempting to push higher yesterday, ETH/USD reached the $2,080 mark and consolidated around it, which resulted in another small retracement overnight. This time the $2,000 support was not reached, and a slightly higher local low was set, meaning that the overall bullish price action structure is still in place.
Right now, ETH is looking to move higher again, and we should see it return above the $2,040 previous all-time high mark over the next hours. From there, Ethereum should move higher and look to set further all-time high above $2,140. The first target will likely be the semi-round number mark of $2,200.
Alternatively, if the $2,000 support breaks, we will see ETH/USD reverse in a much more substantial way, which could possibly lead to a very bearish price action this week. Therefore, it is crucial to keep an eye out for the $2,000 support.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as a further downside was rejected over the past hours, and a slightly higher local low was set. Since the overall several-day momentum is still extremely bullish, we should see another push higher over the next 24 hours.
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