TL;DR Breakdown
- ETH trades below $4,200.
- $4000 was retested as support this morning.
- Next support at $3,800.
Today’s Ethereum price prediction is bullish as the market continues to rally higher after retesting the $4,000 mark as support. Therefore, unless a strong retracement is seen later today, we expect ETH/USD to continue higher over the next 24 hours.
The overall market trades with mixed results over the last 24 hours. Bitcoin trades flat, with a small loss of 0.1 percent. Meanwhile, Ethereum is up by 6 percent as it continues setting all-time highs. Stellar (XLM) is among the best performers with a gain of 13 percent.
Ethereum price prediction: Ethereum price prediction: Ethereum reached $4,200, prepares to retrace?
ETH/USD opened at $3,928 after closing near the open yesterday and a brief retest of $3,800 support. Today, Ethereum price moved higher and broke through the $4,000 price target. As of now, some rejection for further downside is seen around $4,200, meaning that we could see a small retracement over the next hours. However, overall the several-week bullish momentum is still strong and we expect further upside over the next 24 hours.
Ethereum price movement in the last 24 hours
ETH/USD price moved in a range of $3,852 – $4,197, indicating a good amount of volatility. 24-hour trading volume has increased by 4.7 percent and totals $55 billion. The total market cap stands at $481.4 billion, resulting in market dominance of 19.59 percent.
ETH/USD 4-hour chart – ETH moves to $4,200 after retesting $4,000 as a support
On the 4-hour chart, we can see Ethereum price attempting to break the $4,200 mark after retesting support at $4,000.
Ethereum continues moving higher with new all-time highs set almost daily. After struggling to set higher highs in the second half of April, Ethereum established a strong base around the $2,100 mark during the last week of April. From there, ETH/USD gained more than 100 percent to the $4,200 mark.
At the end of last week, Ethereum established a consolidation area around $3,800-$4,000, after which another spike higher was set that allowed ETH to finally break the $4,000 mark, and set a new all-time high at $4,200. Since there are still no signs of retracement, we expect Ethereum price action to continue moving higher later this week.
Alternatively, if the $4,000 support breaks, Ethereum could see a much stronger retracement start to develop as the market has moved at a rapid pace for the past days. Some support might be found around the $3,800 mark as consolidation was previously seen there. However, a much stronger retracement target would be the previous several-day consolidation area around $3,400-$3,600.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market continues moving higher after breaking above $4,000 and retesting it as a support. Therefore, until a lower low is not set, we expect ETH/USD to continue higher over the next 24 hours.
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