- Ethereum rallies almost 10 percent over the past hours.
- ETH finds resistance at $3,200.
- $3,000 likely to be retested as support.
Today’s Ethereum price prediction is bearish for the upcoming 24 hours as the market broke through the $3,000 price mark and peaked at $3,200. Therefore, the current several-hour bullish momentum is likely exhausted, and a minor retracement is expected over the remainder of today.
The overall market is in the green today. Strong bullish momentum was seen across the board, with Bitcoin reeling 3 percent and Ethereum by more than 8 percent. WAVES is among the best performers as it gained 53 percent in a quick spike to the upside.
ETH/USD opened at $2,952 after slowly moving towards the $3,000 mark yesterday and retracing lower to set a slightly higher low from which to push higher later. Overnight Ethereum started rallying and breached the $3,000 resistance without any hesitation. Right now, ETH/USD shows some signs of rejection for further upside just below $3,200 resistance, indicating that we will likely see ETH retrace some of the gains.
Ethereum price movement in the last 24 hours
Over the last 24 hours, ETH/USD traded in a range of $2,904 – $3,200, indicating strong volatility. Trading volume has increased by 17 percent and totals 34 billion. Meanwhile, the total market cap trades at $367 billion, resulting in market dominance of 15.97 percent.
ETH/USD 4-hour chart – ETH prepares for a retracement after another push higher
On the 4-hour chart, we can see Ethereum currently testing the next price target at $3,200. Some rejection for further is seen as of now, meaning that we could see ETH/USD retrace later today.
The overall market has clearly shown that it has recovered from the slowdown seen during the second half of April. After failing to move a clear higher high on the 22nd of April, Ethereum retraced back to its previous low of around $2,100. From there, Ethereum set a slightly higher low around $2,170 and retested it several times, building support from which to move higher.
On April 26th, Ethereum price made a quick spike lower, where bulls absorbed any selling pressure, leading towards the current several-day rally towards the next major price target of $3,000, as mentioned in our previous Ethereum price prediction.
Today, Ethereum reached the $3,200 mark, setting a new all-time high milestone, resulting in an overall several-day gain of around 50 percent. Therefore, the current Ethereum bullish momentum is likely to be exhausted soon. This should lead to a much serious retracement later this week.
Important is to keep an eye out on how the price will react around the $3,000 mark once it is retested as support. If Ethereum finds support there and rejects further downside, we should see further all-time highs set in the upcoming days. Alternatively, Ethereum will start a much serious medium-term retracement that will last several weeks.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the market extended by almost 10 percent today after breaking above the $3,000 major price target. Therefore, the current price action momentum is likely exhausted and we expect a retracement later today.
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.