- ETH retested $2,700 as support.
- Next resistance at $2,800.
- Previous support at $2,550.
Today’s Ethereum price prediction is bullish as the market continues moving higher after retesting the $2,700 level as support overnight. Therefore, we should see ETH/USD break above the $2,800 mark over the following hours as it continues its way to $3,000.
The crypto market trades in the green today as most altcoins have seen substantial gains over the last 24 hours. Binance Coin (BNB) and Cardano (ADA) are up by 5-6 percent as they are among the best performers today. Meanwhile, the market leader, Bitcoin, remains flat with a slight loss of almost 1 percent.
Ethereum price prediction: Ethereum reaches $2,800, breakout later today?
ETH/USD opened at $2,751 after several bullish days resulted in a price move from $2,200 to $2,700. Overnight the Ethereum price action paused and retested $2,700 previous resistance as support and, from there, started trading higher over the past hours. Overall, this price action development should lead Ethereum towards breaking above the $2,800 later today as Ethereum continues reaching towards the next major price target at $3,000.
Ethereum price movement in the last 24 hours
ETH/USD price action traded in a range of $2,670 – $2,797, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased slightly, by 3 percent and totals $33.2 billion. Meanwhile, the total market capitalization trades at $322.3 billion, ranking the cryptocurrency in 2nd place overall with a market dominance of 15.44 percent.
ETH/USD 4-hour chart – ETH breaks $2,700 and continues pushing higher
On the 4-hour chart, we can see ETH pushing higher for most of today, indicating that the $2,800 mark will likely be broken by tomorrow.
Ethereum price has seen good performance over the past week. After establishing support at the $2,170 mark, Ethereum started trading higher over the following days. Some resistance was found at the $2,550 mark. However, after some consolidation, another push higher was made until resistance was found below the $2,700 mark, as mentioned in our previous Ethereum price prediction.
Yesterday, ETH/USD moved above the $2,700 after some initial rejection for further upside. After a strong push higher was made, the $2,700 resistance was now retested as support. From there, ETH/USD started moving higher again earlier today. After several strong bullish 4-hour candle closes, the Ethereum price now trades just below the next price target at $2,800.
Therefore, we expect Ethereum to break higher by the end of the day. However, since the overall several-day bullish momentum has resulted in a gain of around 30 percent, we can assume that the market is exhausted right now. This should lead to a serious retracement over the next few days.
The first major support area where Ethereum could retrace to is seen at the $2,550-$2,600 price area. If this support area does not hold, Ethereum will find support and set a higher swing low at the $2,400 mark. When considering the overall volatility seen over the past weeks, retracing to the $2,400 support level seems like a more realistic scenario. From there, ETH/USD will likely make its move to reach the so-long awaited $3,000 round number price target.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market continues pushing higher after retesting the $2,700 level as a support. Therefore, we expect ETH to move above the $2,800 mark later today and continue moving towards the next major price target of $3,000.
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