ETH price prediction: ETH retests $2,300, prepares for another move higher over the weekend
3 min readTable of Contents
TL;DR Breakdown
- ETH finds support at $2,300.
- Price has movie back above $2,400.
- Closest resistance at $2,550.
Today’s ETH price prediction is bullish as the market spiked lower earlier today and currently shows strong bullish momentum pushing back above $2,400. Therefore, we expect ETH/USD to set further highs over the weekend, with the $3,000 mark as the next major target.
Cryptocurrency heat map. Source: Coin360
The overall market trades in the green as spike lower was seen across the board over the past hours. BTC trades with a -1.6 loss, while ETH with -1 percent. One of the worst performances from the major altcoins is seen for Chainlink (LINK), with a 6 percent loss. Meanwhile, Dogecoin continues pushing higher and has breached the $0.36 mark with a total gain of almost 160 percent.
ETH price prediction: ETH retests $2,300, prepares for another move higher over the weekend
ETH/USD opened at $2,517 after a strong push higher resulted in a new all-time high at $2,550. Overnight further upside could not be made, and ETH/USD started retracing some of the loss. ETH dropped towards $2,300 support, where sharp rejection for further downside was seen, returning the market price above $2,400. Therefore, we can expect further upside over the weekend, with the next major target at $3,000 to be reached next week.
ETH price movement in the last 24 hours
The ETH/USD price moved in a range of $2,318 – $2,547, indicating a moderate amount of volatility. Total trading volume has increased by 9 percent and totals $37 billion. Meanwhile, the total market cap has decreased to $281.4 billion, meaning a market dominance of 12.67 percent.
ETH/USD 4-hour chart – ETH returns above $2,400 after a spike lower
On the 4-hour chart, we can see ETH/USD closing very bullish over the last 4 hours as the retest of $2,300 support was met with very aggressive buying pressure. This should signal traders that further upside is expected over the next 24 hours.
ETH/USD 4-hour chart. Source: TradingView
Since establishing a major swing low at the $1,550 mark on the 25th of April, ETH price has surged by 65 percent. The overall momentum continues to be very bullish as the price action structure does not indicate any potential reversal as of now.
On its way higher, ETH did establish a strong resistance level of around $2,120, where the market did consolidate for several days. After spiking lower to $1,940 on the 7th of April, the market reversed again and moved to $2,200. Another several-day consolidation was seen with the $2,120 resistance now acting as a support. Therefore, if we see a failure to move higher later this week, this price level could be the one to watch ETH retrace to.
Currently, however, the ETH price momentum is still bullish. Despite breaking below the $2,400 on the 16th of April and quickly spiking to $2,300, ETH did not establish a significantly lower low. This means that we should see further upside over the next hours as bulls look to regain control and set further all-time highs by the end of this week. After the $2,550 current high is broken, we can see ETH targeting the $3,000 mark, meaning a potential upside of around 25 percent over the remainder of April.
Alternatively, if a lower high is set over the weekend and bears push the ETH price below $2,300, we expect a much larger, medium-term retracement over the next week. The previously mentioned $2,120 mark is the one to keep an eye out for in this scenario.
ETH Price Prediction: Conclusion
ETH price prediction is bullish as bulls quickly pushed ETH/USD back above the $2,400 mark after a sharp spike lower earlier today took the market price just above the $2,300 mark. Therefore, we expect ETH/USD to move higher over the next few days as bulls prepare to reach the $3,000 mark by the end of next week.
While waiting for further ETH price action development, read our guide on free ETH as well as how to invest in ETH. To learn more about another great altcoin, see our long-term Litecoin price prediction.
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.
