- ETH retests resistance at $1,850.
- Support at $1,725.
- Next resistance at $1,920.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market is in the green today as slight bullish pressure was seen overnight. Market leader, Bitcoin is up by 1.9 percent, while Ethereum has gained 4.74 percent. Most of the altcoins have already found some resistance, meaning that we could see most of the gains diminish over the next 24 hours.
Ethereum price prediction: Ethereum finds resistance below $1,850, prepares for a retracement
ETH/USD opened at $1,815 after bullish pressure took the market from 1,686 to 1,815 yesterday. Right now, bullish momentum has stopped and current price action indicates that we will see retracement over the next 24 hours. Therefore, Ethereum is likely to retest previous resistance as a support around the $1,725 mark.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $1,734 – $1,837, indicating a good amount of volatility. Trading volume has seen a huge increase of 42 percent over the past 24 hours, totaling $24.3 billion. The total market cap has returned over $200 billion and stands at $209 billion, ranking the coin in 2nd place overall.
ETH/USD 4-hour chart – ETH finds resistance at $1,850
On the 4-hour chart, we can see that Ethereum currently consolidates after failing to reach $1,850. Therefore, ETH/USD should see a reversal, resulting in a retracement back to the previous resistance of around $1,725.
ETH/USD 4-hour chart. Source: TradingView
Overall, Ethereum has seen huge volatility last week, after Ethereum briefly moved above $1,900, it got quickly pushed back towards the $1,725 mark. ETH/USD consolidated above the support as slowly moved towards resistance at $1,850, from which resistance was found.
What followed was a several-day downswing until support was finally found at the $1,550 mark. From there, Ethereum quickly reversed and saw a quick move towards $1,725 support turned resistance. After some consolidation, Ethereum built a base from which to attempt another move higher. Yesterday, the bullish Ethereum price momentum continued, resulting in a quick upside of 9 percent.
Right now, Ethereum resists further upside below $1,850 previous major resistance, as the market momentum has been exhausted. Therefore, we expect Ethereum to retrace over the next few days, and retest previous resistance at $1,725 as support. From there the Ethereum price action will likely prepare for another push higher later this week.
The next target for ETH/USD is located around the $1920 mark. If Ethereum moves from the $1,725 support to the $1,920 resistance, we could see a good short-term trade opportunity with a potential gain of around 10-11 percent.
However, if the support at $1,725 does not hold, Ethereum could push lower towards the $1,650. This scenario would put the market structure in a dangerous position as further downside would likely start a much substantial medium-term bearish momentum.
Alternatively, if Ethereum manages to continue its bullish momentum today, we could see a quick spike towards the $1,920 resistance before a more substantial retracement is done.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish for the upcoming days as price action indicates that we will see retracement soon. The first support level is found around the $1,725 mark, which previously acted as a resistance, and from there ETH/USD will likely build a base from which to push towards the next resistance at $1,920.
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.