TL;DR Breakdown
- ETH resisted by $2,140 resistance again.
- Further downside rejected.
- Support found at $2,090.
Today’s Ethereum price prediction bullish as the market continues to set higher lows as it prepares for another move higher to break the $2,140 resistance.
Cryptocurrency heat map. Source: Coin360
The overall market has performed with mixed results. Leaders Bitcoin and Ethereum are down 1.37 and 1.41 percent, respectively. Meanwhile, Ripple (XRP) is up by almost 17 percent after several days of powerful bullish momentum. Digressing from the majors, the worst performance is seen for Tron(TRX), which is down by almost 16 percent.
Ethereum price prediction: Ethereum retests $2,140, prepares for a breakout later today?
ETH/USD opened at $2,113 today after retesting both the $2,140 resistance and the $2,040 support with rejections and returning to the middle of the consolidation range. Since another slightly higher low was set, we expect Ethereum price action to build momentum and finally break higher later today.
Ethereum price movement in the last 24 hours
The ETH/USD price traded in a range of $2,057 – $2,136, indicating mild volatility. Trading volume is down by 4.69 percent and totals $28.32 billion. The total market cap stands at $242 billion, ranking the cryptocurrency in 2nd place overall, with a market dominance of 12.26 percent.
ETH/USD 4-hour chart – ETH consolidates around $2,100 for the last 24 hours
On the 4-hour chart, an ascending triangle pattern forming at the $2,140 level serves as resistance and the ascending trendline from the past three higher lows serves as a support.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has performed extremely well over the past weeks. After it found support around $1,550 on the 25th of March, the market rallied almost 40 percent. On the 2nd of April, ETH/USD broke the previous all-time high at $2,040 and moved higher until resistance was met at $2,140.
From there, we saw the Ethereum price momentum shift and retrace to the $2,000 mark. Another attempt to move higher was made over the following hours, with $2,080 acting as a local resistance. ETH/USD reversed and set another higher low, from which the market built up even stronger momentum and pushed to retest the $2,140 mark again.
During the last 24 hours, the Ethereum price action has moved sideways as it trades around the $2,100 mark. Yesterday another quick push lower resulted in a 2nd higher low being set, meaning that an ascending trendline can be drawn from the past three lows.
Therefore, Ethereum currently trades in an ascending triangle pattern, with the $2,140 acting as a resistance and the ascending trendline acting as a support. Considering the overall bullish momentum, we expect Ethereum price to break higher and set other highs later today.
However, if the ascending trendline and the $2,040 support are broken, ETH/USD could see a much more substantial retracement over the next few days. Next support is located around $1,940, and if reached, it would mean that the current bullish price action momentum has finally been broken.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market price action continues setting higher lows. Unless the $2,040 support is broken, we expect another push higher by the end of the day.
While waiting for ETH/USD to break higher, read our Ethereum long-term price prediction and article that compares Bitcoin vs Ethereum. To learn more about another great altcoin, see our long-term guide on EOS.
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.
