ETH price prediction: ETH retests $2,090 support, prepares to push higher
3 min readTable of Contents
TL;DR Breakdown
- ETH peaks below $2,200.
- Support at $2,090 prevented further downside.
- ETH trades around $2,140.
Today’s ETH price prediction is bullish as the market rejected further downside late yesterday and continue trading around the previous resistance at $2,140. Therefore, we expect ETH to move higher next week, with the next price target at $2,500.
Cryptocurrency heat map. Source: Coin360
The overall market has remained neutral over the previous 24 hours as most of the cryptocurrencies consolidated. Binance Coin (BNB), Ripple (XRP), Stellar (XLM), and Link (XLM) performed the best with gains of 6-11 percent.
ETH price prediction: ETH retests $2,090 support, prepares to push higher
ETH/USD opened at $2,133 today after peaking at the $2,200 mark yesterday. Overnight, ETH/USD spiked lower and retested $2,090 previous resistance as support. Today, the market consolidated around the $2,140 previous resistance as it prepares to move higher next week.
ETH price movement in the last 24 hours
The ETH/USD price moved in a range of $2,088 – $2,160, indicating a moderate amount of volatility. Trading volume has decreased by 11.36 percent, totaling $20.8 billion. The total market cap stands at $248 billion, ranking the cryptocurrency in 2nd place overall, with a market dominance of 12.09 percent.
ETH/USD 4-hour chart – ETH continues consolidating around $2,140 previous resistance
On the 4-hour chart, we saw a sharp rejection overnight, as ETH price action posted a bullish pin bar candlestick, indicating that we should see further upside over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
ETH saw retracement and reversal back to the upside this week. After establishing a major swing low around the $1,550 level on the 24th of Match, ETH/USD started rallying and finally broke the previous significant swing high around $1,940 on the 1st of April.
Last week ETH continued to push higher until a new all-time high at $2,140 resistance was reached. From there, a slight retracement was seen before ETH/USD made another push higher, which was met with rejection. During the middle of this week, the ETH price action made a sharp spike lower and set a lower low until support was found around the $1,940 mark.
Over the following days, ETH/USD rallied higher until a new higher high was made yesterday, just below the $2,200 mark. Overnight, a sharp spike lower was seen as the market retested previous resistance as a support at $1,940. ETH found additional support by the 50 period moving average red line, which has already acted as strong support on Friday.
From there, the ETH price started to consolidate around $2,140 previous resistance. Therefore, we can expect ETH to push higher early next week, with the next target to the upside set at the $2,500 psychologically important round number price mark.
Alternatively, if ETH drops below $2,090 again, we can expect the $2,040 support to hold the price. This would mean a much deeper retracement made from the past several-day rally and a much better entry opportunity in terms of risk/reward.
ETH Price Prediction: Conclusion
ETH price prediction for the next 24 hours is bullish as a further downside was rejected overnight around the $2,090 mark. Today, ETH/USD has traded around the previous resistance of $2,140, meaning that we should see another push higher early next week.
While waiting for ETH to move higher, read our guide on ETH gas price, as well as long-term price predictions on Polkadot and Stellar Lumens.
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.
