Ethereum Price Prediction: Bulls test $3800, aiming for $4000

Ethereum Price Prediction Summary

• Ethereum price prediction shows that ETH/USD opened the 24-hour chart at $3868
• The Bollinger bands have been expanding, and the hourly chart
• Ethereum’s Relative Strength Index is floating between 38 and 41

Ethereum price prediction shows that ETH/USD opened the 24-hour chart at $3868. The early trading session was characterized by moderate buying pressure that would offset any downward correction. Nonetheless, Ethereum could not record a strong uptrend, and the opening price was followed by several candlesticks ending a double bottom at $3822. 

The Bollinger bands have been expanding, and the hourly chart has the lower band at $3815. Note the moving average marked by the upper band sits at $3842. Most of the technicals are positive and suggest that Ethereum will record further upsides in the upcoming hours. 

Cryptocurrency Heatmap by Coin360

The general cryptocurrency market is green, as shown on the above heatmap. BTC gained 4.04%, while Ethereum went up by 0.92%. The best performer of the day turned out to be Polkadot, with a 24-hour positive gain of 9%. Nonetheless, a few coins posted losses, including Filecoin, Algorand, Tezos, and Ripple.

Ethereum Price Prediction in the last 24-hours

Ethereum price prediction on the 24-hour chart indicates ETH/USD is trading at a higher price level after breaking past the $3800 resistance. The consolidation phase is over, and the buyers have already ushered in a bullish momentum phase that could Ethereum come close to testing $4000. Any chances of reverting to the $3000 zone were diminished after the coin shot past $3600, a higher low.

Meanwhile, Ethereum traded in a tight range on the daily chart with fluctuations between $3822 – $3872. Trading volume for the last 24-hours went down by 1.19 percent and hit $19.4 billion. Also, note that the market capitalization for Ethereum increased by 0.49% to $453.103 billion.

Ethereum daily chart by TradingView

Ethereum’s Relative Strength Index is floating between 38 and 41 in the overbought region. Therefore indicating chances of a breakout and increasing buyer activity.

The price of Ethereum has witnessed rapid bullish momentum since the beginning of October. Following a break out over $3150, Ethereum corrected upwards within a strong rally and hit $3500. The upward correction was followed by a slightly lower correction and a violent uptrend to $3650. 

In the past few days, Ethereum’s price chart has been marked by sideways movement until today, when the altcoin stabilized at around $3820.

Ethereum Price Prediction Conclusion

In today’s Ethereum price prediction, the price of ETH/USD is likely to record gains in the next 24-hours. The spike to $3800 reflects a strongly bullish market that is already pushing the bulls closer home to $4000. As a result, we are anticipating that Ethereum will record further upsides and move upwards.