- ETH breaks $3,800 again and retests $3,600.
- Closest resistance at $4,000.
- Next major target at $4,400.
Today’s Ethereum price prediction is bullish as the market rejected further downside overnight around $3,600. Therefore, we expect Ethereum to move higher later this week.
The overall crypto market is in the red today after strong bearish momentum overnight. The market leader, Bitcoin, is down by 11.25 percent, while Ethereum has returned below $4,000 with a 24 loss of 8.5 percent. Filecoin (FIL) is among the worst performers from the major altcoins as it trades with a loss of almost 16 percent.
Ethereum price prediction: Ethereum spikes to $3,600, prepares to move higher?
ETH/USD opened at $3,797 after strong bearish move yesterday took the market from $4,400 to $3,800. Overnight, ETH/USD continued falling further and spiked to the $3,600 mark, where sup[port was found. Therefore, we expect the Ethereum price to reverse over the next few days and start moving towards the $4,400 all-time high again.
Ethereum price movement in the last 24 hours
ETH/USD price moved in a range of $$3,618 – $4,362, indicating strong volatility. 24 hour trading volume has spiked by 46 percent and totals $79.4 billion. The total market dominance stands at $454.4 billion, resulting in market dominance of 20 percent.
ETH/USD 4-hour chart – ETH moves back below $4,000 resistance after rejecting further downside.
On the 4-hour chart, we can see ETH/USD establishing a strong bullish rejection candle after a spike below $3,600 support.
As mentioned in our previous Ethereum price prediction, the market set a new all-time high yesterday after peaking just below the $4,000 mark. What followed was a strong retracement that set a lower low around $3,600 support.
Overall the market continues moving in a strong bullish momentum since establishing strong support of around $2,100 during the second half of April. Since then, Ethereum price has gained more than 110 percent, with no clear signs of exhaustion for the trend.
On Monday, we saw Ethereum push to retest the $3,600 support after a new all-time high at $4,200 was established. However, ETH/USD failed to reach the support and reversed to set a new all-0time high just below the $4,400.
From there, Ethereum retraced once more, this time setting a slightly lower low and retesting the $3,600 previous major resistance as support. Since a strong rejection for further downside was seen, we expect Ethereum to reverse later today and return above the $4,000 mark. From there, Ethereum price is set to continue higher towards the next target of $4,500.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market rejected further downside overnight and retested the $3,600 resistance as support. Therefore, we expect Ethereum to move higher later this week as bulls prepare to set further all-time highs.
While waiting for further Ethereum price action development, read our guide on investing in cryptocurrencies. To learn more about other great altcoins, see our articles on mining Monero and Ethereum Classic price prediction.
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.