- ETH pushed above previous resistance at $2,200.
- Closets support area around $2,100-$2,130.
- Next target $2,300.
Today’s Ethereum price prediction is bullish as the market price broke through the previous resistance at $2,200 and currently moves higher to set a further all-time high.
Cryptocurrency heat map. Source: Coin360
The overall market has gained some momentum over the past hours, although mixed performance results are still seen for the past 24 hours. The market leader, Bitcoin trades with a 3.2 percent gain, while Ethereum slowly moves towards a 2 percent gain. Ripple (XRP) has posted the best result from the top altcoin, having gained 15 percent. On the other hand, Binance coin (BNB) and Filecoin (FIL) are among the worst performers, with almost 10 percent in the red.
Ethereum price prediction: Ethereum breaks $2,200, set to continue higher today
ETH/USD opened at $2,138 today after consolidating yesterday with failed attempts to move both higher and lower. So far today, we can we Ethereum rapidly gaining momentum and currently breaking through the previous resistance at $2,200. Therefore, we expect further upside over the next 24 hours as the market looks to st further highs.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $2,110 – $2,219, indicating moderate volatility. Trading volume has increased by 19 percent and totals 23.7 billion. The total market cap has reached $256 billion, meaning a market dominance of almost 12 percent.
ETH/USD 4-hour chart – ETH/USD has moved above $2,200 over the last hours
On the 4-hour chart, we can see ETH/USD breaking above the previous all-time high of $2,200 and attempting to establish another higher high.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has continued to trade in a bullish momentum for the past weeks after a high swing high was set around $1,550 at the end of March. Since then, the bullish Ethereum price action momentum has taken the market higher by more than 40 percent.
Earlier this month, we saw ETH/USD consolidating for several days below $2,130 resistance, which resulted in a strong spike lower on the 7th of April. After the Ethereum price found support at $1,940, the market started rallying again until another higher high was set at $2,200.
Over the following days, ETH retested the $2,130 previous resistance as a support and started consolidating above it. A failed attempt to move higher was seen yesterday, with the price action retracing back to the previous support.
Overnight, Ethereum started to push higher again until it approached the $2,200 resistance. After some rejection, the market spiked above the $2,200 mark and established a local high at $2,221. Therefore, we can expect further upside later today as ETH/USD looks to push higher away from the previous all-time high resistance.
Alternatively, if a further upside is rejected later today, we can expect another retracement. However, as long as ETH/USD can keep trading above the $2,130 support, we should see further upside later this week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the previous all-time high of $2,200 has been broken. Therefore, we should see further upside over the next hours, with the next target at $2,300.
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