Ethereum Price Prediction: ETH meets rejection near $4400, turns back to $4350

Ethereum price prediction breakdown

• Ethereum price prediction is suggesting bullishness.
• ETH/USD rose to $4400 overnight.
• Ethereum has retested resistance at $4,350.

The Ethereum price prediction for today is bullish, as we notice that following a strong rally over the last 24 hours to $4,350, there may be more upside ahead. However, a minor retreat could occur in the coming hours as ETH/USD pushes toward another advance.

Bitcoin climbed by 4.38 percent over the last 24 hours, with the overall market gaining in value. Ethereum rose 5.35 percent while the rest of the top altcoins followed suit.

The price of ETH/USD moved in a range of $4326.29 – $4415.68 over the last 24 hours, suggesting significant fluctuations. Trading volume has dropped by 25 percent to $17.56 billion and the market capitalization is around $512 billion, leaving market dominance at 19.52 percent.

ETH/USD 4-hour chart: ETH eyes $4450

We are now seeing some consolidation below the $4,350 resistance following a powerful rally over the previous 24 hours on the 4-hour Ethereum price prediction chart.

ETH/USD 4-hour chart. Source: TradingView

ETH price action has seen significant selling pressure return this week. After establishing a new all-time high of $4,850 on the 9th of November, ETH/USD entered into a consolidation period for several days.

On November 15, ETH fell through $4,000 for the first time since April. On the following day, November 16th, ETH tumbled through $4,100 for the first time since April. After a mild reaction higher to $4,350 on November 18th, ETH dropped down to $3,950 on November 18th.

Last night saw an immediate rebound at $3,950 which may have provided the market with floor support. This morning’s trading kept ETH/USD between $4,000 and $3,500 (at press time). The recent fall in Ethereum prices can be attributed to a combination of factors including widespread selling.

Yesterday’s sharp recovery came quickly, retaking the loss from the day before as soon as resistance at $4,350 was breached. The Ethereum price is consolidating below the barrier right now, hinting at a potential break upward.

Ethereum Price Prediction Conclusion 

The price of Ethereum is up in today’s trading session, with the cryptocurrency recovering above $4,350. We anticipate further growth following this week’s surge to follow the $4,350 resistance. Because bulls have run out of steam after a strong rally over the last 24 hours, it’s likely that ETH/USD will make a modest retreat before long’s forecast.

Ethereum has been in a bearish condition for months now. It is not something specific but the complete market, so it may happen with every coin.