- ETH peaks below $2,200.
- Previous resistance at $2,140 likely to be retested.
- Next support at $2,090.
Today’s Ethereum price prediction is bullish as the market broke above the $2,140 resistance and set a new ATH just below $2,200. Therefore, we expect further upside to be seen over the weekend.
Cryptocurrency heat map. Source: Coin360
The overall market has traded with a bullish momentum over the past 24 hours. Market leaders Bitcoin and Ethereum are up by 5 percent, while
Ethereum price prediction: Ethereum breaks $2,140 resistance overnight, prepares to move higher
ETH/USD opened at $2,066 after consolidating yesterday. Overnight ETH/USD pushed higher and broke above the previous high at $2,140. Some rejection for further upside is seen right now, meaning that we will likely see retracement later today, before the market continues higher.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $2,055 – $2,197, indicating large volatility. Trading volume has increased by 15.82 percent and totals $25.1 billion. Meanwhile, the total market cap stands at $251 billion, meaning a market dominance of around 12.23 percent, while BNB, XRP, and VET are up around 13 percent.
ETH/USD 4-hour chart – ETH
On the 4-hour chart, we can see the previous 4-hour candle closing with a slight rejection after the market peaked just below the $2,200 mark.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has made another very bullish signal for the several week bullish price action momentum. Last month, we saw ETH/USD setting a higher low around $1,550, after which the market started to rally until a new all-time high was set around $2,140.
At the end of last week, Ethereum retraced to $2,000 and slowly build momentum to push higher again. However, at the end of the 5th of April, the market failed to move higher and started to consolidate around the $2,140 resistance and $2,090 support. After spending more than 24 hours consolidating, ETH broke lower and quickly spiked to $1,940 support that previously acted as a resistance in the middle of February.
From there, the Ethereum price action reversed and started slowly moving higher again. After some consolidation below $2,090 minor resistance yesterday, ETH/USD spiked higher overnight and set a new all-time high just below $2,200.
Right now, the price action has rejected further upside, meaning that we expect some pullback over the next hours before another move higher is attempted. A potential area where the price could retrace to is seen at the $2,090 mark. From there, we expect ETH/USD to move higher and continue setting new higher highs next week.
Alternatively, Ethereum could move lower and look to retest the next support around $2,040. However, if this support is broken, we could see a much serious market reversal, which will lead to further lows over the next weeks.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish for the upcoming 24 hours. However, slight retracement might be seen later today as the market looks to retest the $2,140 previous resistance as support.
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