ETH price prediction: ETH reached $4,200, prepares to retrace?
3 min readTable of Contents
TL;DR Breakdown
- ETH trades below $4,200.
- $4000 was retested as support this morning.
- Next support at $3,800.
Today’s ETH 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. BTC trades flat, with a small loss of 0.1 percent. Meanwhile, ETH 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.
ETH price prediction: ETH price prediction: ETH 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, ETH 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.
ETH 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 ETH price attempting to break the $4,200 mark after retesting support at $4,000.
ETH continues moving higher with new all-time highs set almost daily. After struggling to set higher highs in the second half of April, ETH 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, ETH 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 ETH price action to continue moving higher later this week.
Alternatively, if the $4,000 support breaks, ETH 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.
ETH Price Prediction: Conclusion
ETH 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.
While waiting for ETH to move higher, read our guides on investing in cryptocurrencies and the best wallet options. To learn more about another great altcoin, see our article on how to mine Monero.
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.
