- ETH peaks below $4,000.
- Closest support at $3,600.
- Next support at $3,400.
Today’s Ethereum price prediction is bearish as the market has reached a significant price target of $4,000 and starts to show signs of reversal. Therefore, we expect ETH/USD to retrace over the upcoming days, with the first support seen at $3,600.
The overall crypto market trades with mixed results today. The market leader, Bitcoin, has lost 1.5 percent over the last 24 hours, while Ethereum is up by almost 10 percent. Binance Coin and Cardano are among the best performers with a gain of more than 5 percent. Meanwhile, Dogecoin has lost the most as it returned back below the $0.50 mark with a total drop of 33 percent.
Ethereum price prediction: Ethereum reached $4,000, a retracement to follow?
ETH/USD opened at $3,917 today after pushing from the $3,500 to $4,000 major price target yesterday. Since then, the market has started to trade sideways, indicating an upcoming retracement after a very strong rally. Therefore, we expect Ethereum to retrace towards $3,600 support over the next few days.
Ethereum price movement in the last 24 hours
ETH/USD price moved in a range of $3,529 – $3,964, indicating severe volatility. 24-hour trading volume has spiked by 38 percent and totals $53.6 billion. The total market cap trades at $448 billion, resulting in market dominance of 18.6 percent.
ETH/USD 4-hour chart – ETH starts to slow down below $4,000
On the 4-hour chart, we can see Ethereum price action moving sideways for the past hours, indicating that we will see retracement later today.
The overall market continues moving in a very strong bullish momentum after a strong support base was established around $2,100 in the middle of April. Since then, Ethereum price has rallied by more than 90 percent and has reached the next round number milestone of $4,000.
Earlier this week, we saw ETH/USD reach the $3,500 mark, after which consolidation was seen with a retracement to the $3,200 mark. From there, Ethereum moved slightly higher towards the $3,600 resistance, where another several-day consolidation area was formed with a $3,400 mark as support. Overall this indicated a slowdown for the several-week bullish momentum.
However, Ethereum spiked above the $3,600 mark on the 8th of May, with the $4,000 mark reached shortly after. Overnight, Ethereum attempted to break the $4,000 mark unsuccessfully, with a small retracement seen shortly after. This failure to break the $4,000 price mark could lead towards a retracement over the next few days as the Ethereum price action structure seeks to establish a base from which to move higher over the next week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the market price has spiked higher over the last 24 hours and currently shows signs of exhaustion. Therefore, we expect ETH/USD to retrace over the next 24 hours, with the first major support target located at the $3,600 mark.
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