- 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.
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.
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.
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