- ETH fails to reach $2,300 overnight.
- Closest support at $2,200.
- Next major support at $2,120.
Today’s Ethereum price prediction is bearish as further upside has been rejected over the past hours as ETH failed to reach the $2,300 resistance overnight. Therefore, we are likely to see another move lower later today as the market looks to retest the next support at $2,120 and establish a higher low.
The overall crypto market is in the green after rallies were seen across the board late yesterday. However, overnight the market pushed lower. Currently, Bitcoin trades with a 24-hour gain of 2.5 percent, while Ethereum at 3.5 percent. The rest of the market follows this bullish trend with various degrees of gains.
Ethereum price prediction: Ethereum fails to reach $2,300, set to move lower today
ETH/USD opened at $2,241 after a strong move to the downside resulted in a brief retest of $2,000 support. From there, the market then pushed higher, closing the day with a substantial wick. Overnight a lot of the loss was retraced as the market aimed to retest the $2,300 previous support as a resistance. However, right now, the Ethereum price action has shifted to bearish again as $2,200 is now being tested as support.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $2,045 – $2,276, indicating a good amount of volatility. 24 hour trading volume has dropped by 24 percent and totals $34 billion. Meanwhile, the total market cap stands at $255.2 billion, ranking the cryptocurrency in 2nd place with a market dominance of 12.41 percent.
ETH/USD 4-hour chart – ETH returns towards $2,200 support
On the 4-hour chart, we can see Ethereum price momentum shifting again and moving towards $2,200 support. If the support breaks, we should see another sharp move lower later today towards the next support at $2,120.
Overall, Ethereum has performed great this month as a new all-time high was set at $2,550 after a 64 percent rally from the $1,550 low. Key support/resistance levels around $1,940, $2,040, $2,120, and $2,200 were established on its way up.
After reaching the new all-time high on the 15th of April, the Ethereum price action momentum shifted, and a failure to move higher was seen the following day. From there, Ethereum started to slowly trade lower until previous support at $2,300 was broken. The breakout below the $2,300 mark served as a catalyst for a much stronger push lower over the following hours until support at the $2,000 was found as predicted in our previous Ethereum price prediction.
After a quick spike towards the $2,000 support level early yesterday, the market quickly rejected further downside and was pushed to the $2,200 mark. From there, another move lower was seen yesterday, resulting in a double bottom formation that indicates a new major low has been established.
Overnight, we saw ETH/USD push higher again until the market slowly reversed just below the $2,300 mark. Over the past hours, ETH has moved lower again and currently trades just above $2,200 support. If it is broken, we should see further downside later today as the market price action looks to establish a higher low, from which to move higher later this week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the market momentum has shifted overnight after failing to reach the next resistance at $2,300. Therefore, we expect ETH/USD to move lower over the next hours to establish a higher low, from which to attempt to move higher later this week.
While waiting for further Ethereum price development, see our guide on free Ethereum and Ethereum gas prices. To learn more about the difference between Bitcoin and Ethereum, see our Bitcoin vs Ethereum comparison article.
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