ETH price prediction: ETH spikes to $2,800 overnight, further upside to continue?
2 min readTL;DR Breakdown
- ETH moves above the $2,400 resistance overnight.
- $2,800 acts as a strong resistance.
- Market likely to retrace later today
Today’s ETH price prediction is bearish as the market has reached the $2,800 resistance overnight and currently cannot move any higher. Therefore, we expect ETH/USD to move lower over the next 24 hours and look to set a higher swing low.
The overall market trades in the green over the last 24 hours. BTC is up by 7 percent and trades below the $40,000 mark. ETH has increased 17 percent, with the rest of the altcoin market following this pattern.
ETH/USD opened at $2,649 after a strong bullish close yesterday around the $2,600 price mark. Therefore, we can see the ETH price establishing another lower high before another push lower later this week.
ETH price movement in the last 24 hours
The ETH/USD price moved in a range of $2,231 – $2,750, indicating a moderate amount of volatility. 24-hour trading volume has decreased by 11.74 percent and totals $53.7 billion. The total market cap trades around $306.9 billion, resulting in market dominance of 18.31 percent.
ETH/USD 4-hour chart – resistance at $2,800 still holds
On the 4-hour chart, we can see ETH/USD moving to the $2,8000 resistance overnight and currently rejecting further upside.
The overall market still continues to trade in a strong bearish momentum over the past few days. After setting a new all-time high at $4,400 on the 12th of May, the market retraced by more than 60 percent until a new low of $1,725 was found on the 23rd of May.
From the $1,725 low, the ETH price action reversed in a strong way and gained more than 50 percent. Therefore, this likely is a strong indication for the overall trend reversal. First, however, the market has to set a higher low.
Considering that ETH/USD currently rejects further downside, we expect the market to move lower over the next 24 hours. If a higher low is set later this week, we can expect the market to start reversing in a much more serious way this week.
Alternatively, if another lower low below the $1,725 mark is set, we could see the next support around $1,500-$1,600 tested over the upcoming days.
ETH Price Prediction: Conclusion
ETH price prediction is bearish as the market reached the $2,800 resistance overnight and currently cannot move any higher. Therefore, we expect ETH/USD to retrace lower over the next 24 hours to try to establish another swing low.
While waiting for further ETH price action development, see our guide on ETH mining pools and mining software. To learn more about the overall cryptocurrency market, read our article on BTC dominance.
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.
