Ethereum News

Ethereum price prediction: Ethereum reached $4,200, prepares to retrace?

TL;DR Breakdown

  • ETH trades below $4,200.
  • $4000 was retested as support this morning.
  • Next support at $3,800.

Today’s Ethereum price prediction is bullish as the market continues to rally higher after retesting the $4,000 mark as support. Therefore, unless a strong retracement is seen later today, we expect ETH/USD to continue higher over the next 24 hours. 

Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin trades flat, with a small loss of 0.1 percent. Meanwhile, Ethereum is up by 6 percent as it continues setting all-time highs. Stellar (XLM) is among the best performers with a gain of 13 percent.

Ethereum price prediction: Ethereum price prediction: Ethereum reached $4,200, prepares to retrace?

ETH/USD opened at $3,928 after closing near the open yesterday and a brief retest of $3,800 support. Today, Ethereum price moved higher and broke through the $4,000 price target. As of now, some rejection for further downside is seen around $4,200, meaning that we could see a small retracement over the next hours. However, overall the several-week bullish momentum is still strong and we expect further upside over the next 24 hours.

Ethereum price movement in the last 24 hours

ETH/USD price moved in a range of $3,852 – $4,197, indicating a good amount of volatility. 24-hour trading volume has increased by 4.7 percent and totals $55 billion. The total market cap stands at $481.4 billion, resulting in market dominance of 19.59 percent.

ETH/USD 4-hour chart – ETH moves to $4,200 after retesting $4,000 as a support

On the 4-hour chart, we can see Ethereum price attempting to break the $4,200 mark after retesting support at $4,000.

ETH/USD 4-hour chart. Source: TradingView

Ethereum continues moving higher with new all-time highs set almost daily. After struggling to set higher highs in the second half of April, Ethereum established a strong base around the $2,100 mark during the last week of April. From there, ETH/USD gained more than 100 percent to the $4,200 mark.

At the end of last week, Ethereum established a consolidation area around $3,800-$4,000, after which another spike higher was set that allowed ETH to finally break the $4,000 mark, and set a new all-time high at $4,200. Since there are still no signs of retracement, we expect Ethereum price action to continue moving higher later this week. 

Alternatively, if the $4,000 support breaks, Ethereum could see a much stronger retracement start to develop as the market has moved at a rapid pace for the past days. Some support might be found around the $3,800 mark as consolidation was previously seen there. However, a much stronger retracement target would be the previous several-day consolidation area around $3,400-$3,600.

Ethereum Price Prediction: Conclusion

Ethereum price prediction is bullish as the market continues moving higher after breaking above $4,000 and retesting it as a support. Therefore, until a lower low is not set, we expect ETH/USD to continue higher over the next 24 hours.

While waiting for Ethereum to move higher, read our guides on investing in cryptocurrencies and the best wallet options. To learn more about another great altcoin, see our article on how to mine Monero.

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.

This post was last modified on November 6, 2021 3:56 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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