TL;DR Breakdown

• ETH peaks below $4,000.
• Closest support at $3,600.
• Next support at $3,400.

Today’s ETH price prediction is bearish as the market has reached a significant price target of $4,000 and starts to show signs of reversal. Therefore, we expect ETH/USD to retrace over the upcoming days, with the first support seen at $3,600.

The overall crypto market trades with mixed results today. The market leader, BTC, has lost 1.5 percent over the last 24 hours, while ETH is up by almost 10 percent. Binance Coin and Cardano are among the best performers with a gain of more than 5 percent. Meanwhile, Dogecoin has lost the most as it returned back below the $0.50 mark with a total drop of 33 percent.

ETH price prediction:  ETH reached $4,000, a retracement to follow?

ETH/USD opened at $3,917 today after pushing from the $3,500 to $4,000 major price target yesterday. Since then, the market has started to trade sideways, indicating an upcoming retracement after a very strong rally. Therefore, we expect ETH to retrace towards $3,600 support over the next few days.

ETH price movement in the last 24 hours

ETH/USD price moved in a range of $3,529 – $3,964, indicating severe volatility. 24-hour trading volume has spiked by 38 percent and totals $53.6 billion.  The total market cap trades at $448 billion, resulting in market dominance of 18.6 percent.

ETH/USD 4-hour chart – ETH starts to slow down below $4,000

On the 4-hour chart, we can see ETH price action moving sideways for the past hours, indicating that we will see retracement later today.

The overall market continues moving in a very strong bullish momentum after a strong support base was established around $2,100 in the middle of April. Since then, ETH price has rallied by more than 90 percent and has reached the next round number milestone of $4,000.

Earlier this week, we saw ETH/USD reach the $3,500 mark, after which consolidation was seen with a retracement to the $3,200 mark. From there, ETH moved slightly higher towards the $3,600 resistance, where another several-day consolidation area was formed with a $3,400 mark as support. Overall this indicated a slowdown for the several-week bullish momentum.

However, ETH spiked above the $3,600 mark on the 8th of May, with the $4,000 mark reached shortly after. Overnight, ETH attempted to break the $4,000 mark unsuccessfully, with a small retracement seen shortly after. This failure to break the $4,000 price mark could lead towards a retracement over the next few days as the ETH price action structure seeks to establish a base from which to move higher over the next week. 

ETH Price Prediction: Conclusion 

ETH price prediction is bearish as the market price has spiked higher over the last 24 hours and currently shows signs of exhaustion. Therefore, we expect ETH/USD to retrace over the next 24 hours, with the first major support target located at the $3,600 mark.

While waiting for the ETH price to retrace, see our guide on investing in cryptocurrencies. To learn more about ETH, see our articles on ETH mining and fee ETH.

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.

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