TL;DR Breakdown
- ETH currently trades around $1300.
- Strong support at $1250.
- 50-period Moving Average holds the price for now.
Ethereum price prediction today is bearish as it looks to retrace after barely setting a new all-time high around $1480 and rejecting further upside.
Cryptocurrency heat map by Coin360
The overall market sends mixed signals so far. The largest altcoins like ETH, DOT, XRP, and LTC are in the red. Bitcoin, however, is yet to move. Therefore, we might see further volatility later today.
Ethereum Price Prediction: ETH/USD to break lower?
After setting a new all-time high around $1480, Ethereum has entered a retracement phase as described in our previous Ethereum price prediction. Yesterday, the $1250 support was reached after a strong downside wave. However, Ethereum rejected further downside below the support, and so far, it seems to be consolidating.
A move below the $1250 support would mean a much larger medium-term reversal slowly forming. Ethereum would, therefore, likely spend upcoming weeks in either a sideways consolidation or a slow retracement even lower.
Ethereum price movement in the last 24 hours
Today ETH/USD opened at $1367 and has traded in a range of $1253 – $1370 over the last 24 hours. After a brief test of the $1250 support, Ethereum reversed and spiked towards $1370 minor resistance. Right now, Ethereum attempts to break below the $1250 support once more.
Ethereum price chart by TradingView
ETH/USD 4-hour chart – Ethereum to reject $1250 support once again?
As mentioned, Ethereum looks to test the $1250 support once again. Yesterday a brief test towards the $1250 support area was made. However, ETH/USD quickly rejected more downside. Additionally, Ethereum currently respects the area between 50 and 100 period moving averages as additional support.
Overall, Ethereum looks bearish as the rejection, seen earlier this week, has led towards a double top. Therefore, Ethereum currently seems more bearish. Unless ETH sets a new higher high, the analyst predicts that the market could form a mid-term reversal and enter several weeks of retracement.
As long as the $1250 support holds, the price direction of Ethereum is neutral. However, if the support is broken, the next critical support to watch is $1050 – $1100. If Ethereum sets a lower low below this support, the market will turn bearish immediately.
Therefore, key levels to watch this week are the current support of $1250, resistance around the previous all-time high of around $1450, and the next support at the last significant swing low of about $1050 – $1100.
If Ethereum can reverse back to the upside around the current price levels, the analyst believes a new all-time high could be seen this week. However, the rejection for further upside seen earlier this week does raise a concern about a much larger reversal for the price for ETH/USD.
Ethereum Price Prediction: conclusion
Ethereum price prediction for today is bearish as the market continues to test previous support of around $1250. If Ethereum breaks below, the analyst expects a move towards the previous major swing low at $1050. This would cause Ethereum to turn bearish once again and would validate the bearish double top pattern currently being formed.
Unless Ethereum can set a new high or show clear signs of rejection for further downside, traders should stay neutral. For now, the best option would be to remain on the sidelines and wait for further Ethereum price action.
Overall, Ethereum looks increasingly bearish, and we could see a much larger reversal being slowly developed.
For further reading, see our latest article on Bitcoin Exchange Traded Funds or news on Russia prohibiting its officials from owning crypto.
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