Ethereum price prediction for today is bullish as the market currently rejects further downside after failure to break above the $1,600 support.
Cryptocurrency heat map by Coin360
The overall market is in the red for the past 24 hours. Market leaders – Ethereum and Bitcoin both have lost almost 4 percent. Among the major altcoins, the best performance is seen for Uniswap and Ripple, with a gain of 14 and 1.25 percent respectively. Among the worst performers are Polkadot with -9.7 percent in the red and Binance Coin with -7 percent.
In our previous Ethereum price prediction we mentioned how ETH still holds below $1,600 after a brief attempt to break above earlier today. What followed was a sharp spike to the downside towards the $1,500 psychologically important price level. However, before Ethereum price could reach the mark, bulls entered the market again and currently hold ETH/USD from moving any lower.
In the last 24 hours, Ethereum has traded in a range of $1,455 – $1,590 with a volume of $19.7 billion, which is down by almost 9 percent compared to the previous 24 hours. Currently, Ethereum price trades at $1,540 with a market cap of $177 billion.
On the 4-hour chart for ETH/USD, we can see that overnight, Ethereum made a relatively large move from $1,450 to $1,600, which is close to the range that previously was seen for Ethereum. After a brief test of the $1,600 mark, ETH reversed and attempted to move lower again.
ETH/USD 4-hour chart by TradingView
Overall, Ethereum continues moving sideways after several week low around $1,300 was followed by a rebound towards the $1,600 resistance. Therefore, Ethereum has established a trading range derived from previously seen support and resistance levels. A clear break to either side needs to be made before further trend direction can be set.
Since Ethereum has declined by more than 35 percent after reaching a new all-time high at $2040 on the 20th of February, we should expect the current bearish momentum to end soon. The first sign of upcoming reversal back to the upside is the higher high set around $1,650 on the 3rd of March.
Since the higher high, Ethereum has failed to set a following higher low. Therefore, a clear indication that the trend to the upside has resumed is yet to be set. For now, Ethereum is in a neutral sideways price action, which could offer some short-term range trades.
However, the safest option would be to wait for Ethereum to set another higher high, followed by a higher low. For this to be achieved, the $1,600 resistance needs to be broken first. Afterward, the next resistance is seen at $1,700, meaning that Ethereum should move by at least $100.
Alternatively, if Ethereum moves back towards $1,450 support and breaks it, we expect a much more bearish outlook for Ethereum over the following weeks. Next support would be located around the current several-week low of $1,300. From there on, Ethereum could drop a lot more, and caution is advised.
Ethereum price prediction is bullish as the market rejects further downside over the past hours. Since ETH has established a trading range around $1,450-$1,600, a clear break either above or below it needs to be made before a clear trend direction can be established. However, considering how much Ethereum has lost over the past weeks, we expect a break to the upside to be made next week.
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.
This post was last modified on March 8, 2021 11:21 am
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