- ETH finds resistance at $3,600.
- Closest support at $3,400.
- Next support at $3,200.
Today’s Ethereum price prediction is bullish as the market set a higher high yesterday and currently retests $3,400 support. Therefore, we expect Ethereum to push higher over the next 24 hours as the several-week rally continues.
The overall crypto market trades with mixed results. Bitcoin and Ethereum remain flat, with most of the altcoins trading with either a small gain or loss, indicating low volatility. EOS and Monero are among the best performers, with a gain of around 18 percent. Meanwhile, WAVES are among the worst performers, with a loss of 7 percent.
ETH/USD opened at $3,492 today after a low volatility price action. Yesterday set a new high at $3,600 and slowly retraced to $3,400. Right now, ETH/USD moves sideways above the $3,400 support, indicating that we should see another push higher over the next 24 hours. Therefore, the next minor price target at $3,700 should be reached by tomorrow.
Ethereum price movement in the last 24 hours
ETH/USD price moved in a range of $3,370 – $3,598, indicating mild volatility. Trading volume has remained flat and totals almost $45 billion. Meanwhile, the total market cap trades at $406 billion, resulting in the market dominance of 16.93 percent.
ETH/USD 4-hour chart – ETH
On the 4-hour chart, we can see Ethereum pushing higher over the past hours as the market bounces from the $3,400 support once again.
ETH/USD 4-hour chart. Source: TradingView
The overall market structure continues posting new all-time highs. From the latest major swing low, around $2,100, ETH/USD has already gained more than 70 percent over the past weeks.
After setting a higher high on the 27th of April, Ethereum price slowed down and slowly edged towards the $2,800 mark. On the 1st of April, a quick spike above this resistance started a much faster continuation for the several-day rally with the $3,000 mark quickly broken without much hesitation. From there, Ethereum price rallied higher until it peaked at $3,500 on the 4th of May.
From the $3,500 price target, ETH/USD retraced to the $3,200 mark and consolidated for some time. On Wednesday, a small push higher resulted in another retest of the $3,500 resistance, from which a small retracement and another push higher led to the $3,600 price mark reached.
Overnight, we saw Ethereum retracing to the $3,400 level once again, with a clear rejection for further downside. Since then, Ethereum started moving higher and currently trades around $3,500 again. If the several-hour bullish momentum continues, we should see ETH reach the next price milestone at $3,700 over the next 24 hours.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as ETH/USD continues respecting support at $3,400, meaning a solid higher swing high for the overall trend. Therefore, we should see another push higher over the next 24 hours as Ethereum tries to reach the next price target at $3,700.
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.