ETH price prediction: ETH rejects further downside overnight, prepares to break $3,000?
2 min readTL;DR Breakdown
- ETH spiked to $2,200 support overnight.
- ETH/USD trades below $2,800 resistance.
- Next resistance at $3,000.
Today’s ETH price prediction is bullish as the market spiked lower overnight and set a higher low around the $2,200 mark. Therefore, we expect ETH/USD to move higher over the next 24 hours as bulls attempt to reach back above the $3,000 mark.
The crypto market trades in the red today. BTC trades below $40,000, with a loss of 2.2 percent. Meanwhile, ETH has decreased by 10 percent, with the rest of the altcoin posting even worse results.
ETH/USD opened at $2,443 after a very bearish close yesterday. Overnight, ETH/USD regained some of the loss and set a higher low around $2,200. Therefore, we should see further highs set over the upcoming 24 hours.
ETH price movement in the last 24 hours
The ETH/USD price moved in a range of $1,952.46 – $3,007.34, indicating a severe amount of volatility. Trading volume has increased by 87 percent and totals $92.5 billion over the last 24 hours. The total market cap stands at $310 billion, resulting in market dominance of 17.89 percent.
ETH/USD 4-hour chart – ETH
On the 4-hour chart, we can see ETH/USD trading below the $2,800 mark after setting a higher low overnight.
The overall market price action continues trading in a strong bearish momentum over the past days. After ETH/USD set a new all-time high at $4,400 on the 12th of May, a retracement of over 50 percent was seen over the last week. This indicates that the market has retraced enough to start to move higher over the following weeks.
However, first, a base from which to move higher needs to be established. Yesterday, the ETH price action moved lower again and set a higher low around $2,200. From there, the market pushed higher and reached the $2,800 mark. Therefore, we could see ETH trade sideways over the rest of the week as a new base from which to move higher later this month is established.
The current major resistance level is seen at $3,000. Once it is broken, ETH/USD will start to regain bullish momentum. However, if the market reverses and moves below the $2,200 support, we expect further downside next week.
For now, it is best to stay on the sidelines and wait for further ETH price action development.
ETH Price Prediction: Conclusion
ETH price prediction is bullish as the market rejected another attempt to move lower overnight and currently builds momentum to push above the $3,000 mark. Therefore, ETH/USD should see recovery over the rest of the week.
While waiting for the ETH price to recover, read our latest guides on ETH mining pools and software, as well as an overview on ETH mining.
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.
