- ETH Retests resistance around $4,200.
- Support found around $3,800.
- Next upside target at the $4,400 mark.
Today’s Ethereum price prediction is bullish as the market retraced overnight and established support around the $3,800 mark. Since further downside was rejected earlier today, we expect Ethereum to reverse and start moving towards the $4,400 mark over the next 24 hours.
The market trades mostly in the red today. Bitcoin has lost more than 3.66 percent, while Ethereum has moved below the $4,000 mark and trades with almost 6 percent loss. Among the best performers is Cardano (ADA), with a gain of 20 percent.
ETH/USD opened at $4,080 today after a strong rally yesterday. Since then, ETH/USD has moved lower to retest the $3,800 mark as support, indicating that we should see another move higher later today.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $3,805 – $4,171, indicating a moderate amount of volatility. The 24 hour volume has decreased by 22.58 percent and totals $43.5 billion. Meanwhile, the total market cap trades around $452.7 billion, resulting in market dominance of 19.65 percent.
ETH/USD 4-hour chart – ETH
On the 4-hour chart, we can see Ethereum rejecting further downside over the last hours, indicating an upcoming push higher.
The overall market has continued pushing higher over the past weeks and gained more than 100 percent from the last major swing low of $2,100. On the 12th of May, Ethereum reached the $4,400 mark, where further upside was rejected, and the market reversed.
Over the following days, the Ethereum price retraced almost 20 percent and was found low at around $3,600, where bulls picked up any further selling pressure. From there, some volatility sideways was seen on the 13th of May. After a brief spike below the $3,600 support, Ethereum started moving higher and retested the previous resistance at $4,200.
Overnight, ETH/USD retraced once again to the $3,800 support, where further downside was rejected over the past hours. This indicates that Ethereum will reverse and try to move above the $4,200 over the next 24 hours. Therefore, we expect ETH/USD to set an all-time news high next week and try to reach the next price milestone at $4,500.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market retraced overnight and established support around the $3,800 mark. Therefore, we expect Ethereum to move higher over the next 24 hours with the goal of reaching the $4,400 previous all-time high resistance.
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