- ETH finds resistance below $2,400 overnight.
- ETH/USD currently supported by the $2,200 level.
- Next major support at $2,040.
Today’s Ethereum price prediction is bullish as the market has retraced overnight after peaking just below the $2,400 resistance. Therefore, unless we see ETH/USD break below the $2,200 support, we should see further upside later today.
The crypto market trades with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 1 and 3 percent, respectively, after bearish momentum was seen overnight. Dogecoin is among the best performers with a gain of 10 percent. Meanwhile, Ripple is one of the worst performers with a loss of 6 percent.
Ethereum price prediction: Ethereum retraces to $2,200, ready to set a higher low?
ETH/USD opened at $2,369 today after a strong push lower to the $2,040 was made early yesterday. Later an equally strong push higher resulted in a market close below the $2,400 resistance. Overnight ETH/USD pushed lower again until support was found at $2,200 over the last hours. If a further downside is not seen, we should see Ethereum push higher over the next 24 hours as bulls attempt to set a higher high above the $2,400 resistance.
Ethereum price movement in the last 24 hours
ETH/USD moved in a range of $2,178 – $2,376, indicating substantial volatility. Trading volume has dropped by 42.5 percent over the last 24 hours and totals $36 billion. The total market cap stands at $256 billion, ranking the cryptocurrency in 2nd place overall, with a market dominance of 14.1 percent.
ETH/USD 4-hour chart – ETH retests support at $2,200
Looking at the 4-hour chart, we can see the Ethereum price action testing the $2,200 as of now. If a further downside is not seen, ETH/USD should rally once again later today.
As described in our previous Ethereum price prediction, ETH moved to retest support at the $2,000 mark yesterday. However, support was found slightly higher around the $2,050 mark, meaning a slightly higher low, and the 4th retest of support around the $2,040-$2,080 support area.
Overall Ethereum has lost a lot of its momentum over the past days after a new all-time high was set around the $2,646 mark on Thursday, resulting in a several-day gain of almost 30 percent. From there another spike lower was seen to the $2,040 support, from which a small rebound was seen late yesterday.
Overnight, ETH/USD regained some of the loss and peaked just below the $2,400 resistance. From there, ETH moved lower over the past hours towards support at $2,200. If this support is broken, we should see further downside to the previous four times retested $2,040 support.
Alternatively, if the $2,200 support holds ETH/USD from further downside, we can expect a higher low established, with the next target to the upside seen at $2,550. From there, bulls will likely attempt to set further all-time highs next week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market has retraced again and currently tests support at $2,200. If it holds, Ethereum price should see further highs later today, with the next resistance target at $2,550.
While waiting for further Ethereum price action development, see our guide on free Ethereum and investing in Ethereum. To learn more about trading cryptocurrencies, see our article on the best crypto arbitrage tools.
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