- ETH has briefly tested resistance at $1,400.
- ETH/USD currently trades at $1,380.
- Ethereum has set a new local higher high and higher low.
Ethereum price prediction today is bullish as the market has managed to set a local higher high and a higher low during the past 24 hours. Currently, strong resistance at $1,400 holds the price from moving higher.
Cryptocurrency heat map by Coin360
The overall market is strong today – practically every major coin is in the green. A strong rally earlier today was seen, causing additional bullish sentiment. The most notable performance can be seen on the BTC/USD chart as it has gained 20 percent over the last 24 hours.
Ethereum Price Prediction: ETH to continue higher towards the $1,450 all-time high
As mentioned in our previous Ethereum price prediction, the $1,400 was tested earlier today. Currently, ETH/USD looks to move higher towards the next key resistance of $1,450. This level of resistance is crucial for ETH/USD as it is the previous all-time high.
Therefore, the analyst expects further upside in the upcoming days. Right now, a small retracement could be healthy for Ethereum. However, as long as the short-term bullish market structure is in place, Ethereum should see further highs this week.
Ethereum price movement in the last 24 hours
Today ETH/USD opened at $1,333 after a rally yesterday. Ethereum currently has a 24 hour range of $1,283 to $1,385. The analyst expects this range to continue increasing as Ethereum continues pushing higher.
Ethereum price chart by TradingView
ETH/USD 4-hour chart – Ethereum to set a new all-time high this week?
Overall, Ethereum has managed to sustain its bullish momentum. The price has set another swing higher low around the $1,250 support. The higher high was confirmed by bullish price action yesterday, which led to the test of the $1,400 area.
If Ethereum can sustain momentum and test the previous all-time high of around $1450, ETH/USD could likely set a new all-time high by the end of this week. However, a short-term retracement might be seen later today as Ethereum looks to build a base from which to move higher.
Additionally, Ethereum is still supported by the ascending trend line, which was tested third time on January 27th. The area between 50 and 100 period moving averages also currently acts as additional support. Therefore, Ethereum should see further highs as there is a clear support structure still in play.
A potential target to the upside, once Ethereum breaks above the all-time high of $1,450 could be around $1,550 -$1,600. It would mean a move of about 30 percent from the current swing low at just above $1,200.
If Ethereum fails to move higher and moves below the $1,250 support as well as the previously mentioned support of ascending trendline and the moving averages, the analyst expects a much larger reversal for the upcoming weeks or even months.
Next support for ETH/USD lies around $1,100 and is where the price of Ethereum reversed clearly on the 21st of January. This support area could be considered as the last support before a medium-term reversal starts to develop.
Ethereum Price Prediction: conclusion
Overall, the Ethereum price prediction for today is bullish. The analyst expects further upside later today, however, a small short-term retracement could help the price to move in a more structured way.
A potential target for Ethereum to the upside of around $1,550-$1,600, which is above the previous all-time high, is expected. If Ethereum can sustain its current bullish momentum, the target could be reached by the end of this week. Right now, Ethereum needs a small retracement to offer a better long position entry.
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.