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Ethereum price prediction: Ethereum breaks $2,550, continues moving towards new highs

Ethereum Price Prediction

TL;DR Breakdown

  • ETH breaks $2,550, continues further.
  • The next price target at $2,600 already reached.
  • Closest major support at $2,400. 

Today’s Ethereum price prediction is bullish as the market continues rallying after establishing a new higher high above the $2,550 mark. The $2,600 target has already been reached, meaning that we could see the market push towards $2,700 later today.

Ethereum price prediction: Ethereum breaks $2,550, continues moving towards new highs 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market still trades with mixed results. The market leader still trades around the $55,000 mark, down by 1.7 percent. Meanwhile, Ethereum continues gaining ground over the past hours with almost 8 percent gain. Litecoin and Chainlink also have performed great so far today, with gains of nearly 5 percent for both.

Ethereum price prediction: Ethereum Ethereum breaks $2,550, continues moving towards new highs 

ETH/USD opened at $2,357 after attempting to move both to the upside and downside with rejections and closing with a small gain yesterday. After a higher low was established above the $2,300 support overnight, Ethereum started rapidly gaining ground until the $2,550 resistance was broken in a clear way. Currently, the Ethereum price action continues moving higher and we expect the next price target at $2,700 to be reached by the end of today.

Ethereum price movement in the last 24 hours

The ETH/USD price moved in a range of $2,321 – $2,631, indicating a good amount of volatility. Trading volume has increased by 16.89 percent over the last 24 hours and totals $47.6 billion. Meanwhile, the total market cap trades at $304.8 billion, indicating a market dominance of 14.76 percent.

ETH/USD 4-hour chart – ETH resumed to push higher today

On the 4-hour chart, we can see Ethereum continuing to push higher after breaking above the previous all-time high at the $2,550 mark.

Ethereum price prediction: Ethereum breaks $2,550, continues moving towards new highs
ETH/USD 4-hour chart. Source: TradingView

Overall, Ethereum has maintained its several week bullish momentum over the past few days. After establishing clear support around $2,040 and retesting twice, the market started pushing higher on Tuesday.

Two higher highs and lows were set. First high being set at $2,350 and the second at $2,475. Overnight the Ethereum price action retraced and established a higher low just above the $2,300 mark. From there, the market has continued trading higher without any significant disruption, with a gain of almost 14 percent.

As of now, there are no clear signs of a trend slowdown. Therefore, Ethereum should reach the next price target at $2,700 later today. Once it is reached, we could see the market set another retracement. The first obvious support level is seen at the $2,550 previous all-time high resistance, which would now act as a support. If the $2,550 fails to hold, ETH/USD will likely move towards the next support area around $2,400-$2,450.

Therefore, we remain bullish for Ethereum both short-term and medium-term as the bullish momentum seen over the past weeks has resumed with even stronger bullish price momentum than before.

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bullish as the market continues moving higher towards the next price target at $2,700. If a sharp rejection is seen, we could see another retracement that sets a higher low, with the first obvious support being the previous all-time high resistance at $2,550.

While waiting for further Ethereum price action development, see our free Ethereum and Ethereum gas price guide. To learn more about the future of Ethereum, see our long-term Ethereum price prediction.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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