Ethereum Price Prediction: ETH tests lower high at $4563, bears persist

Ethereum price prediction summary

• Ethereum (ETH) started off the day at a price of $4552.
• The total trading volume for the day recorded a positive change of 58% to $21.4 million.

Ethereum (ETH) started off the day at a price of $4552. The bears had already taken over the direction of the price at the close of yesterday’s session that resulting in a rapid drop from $4580  to the $4200 region. In the early morning session, buyers could not prevent the downsides and a lower daily low was set at $4254. 

Cryptocurrency heat map. Source: Coin360

Data from Coin360 shows that the overall digital currencies market is trading bearishly. Bitcoin and Ethereum have lost 6.8 % and 7.8% respectively. However, we are expecting the market situation to improve by the end of the week with more fundamentals in favor of the bulls. 

1-day Ethereum price prediction candlesticks

On our daily Ethereum price prediction chart, ETH/USD traded within a range of $4252 – $4563. A moderate range indicates increased price volatility over the last 24-hours. Meanwhile, the coin is ranked at number #2 with a market value of $513.8 billion. The total trading volume for the day recorded a positive change of 58% to a whopping $21.4 million.

Ethereum has broken below the previous local high on the hourly chart and now trades at $4345. The bulls are attempting to take over the trend line and retest the $4600 mark as they warm-up for the next major target at $4868.

According to our Ethereum price prediction, ETH/USD has witnessed losses over the last few weeks. This was after the leading altcoin tested a fresh all-time high at $4868, which was followed by a substantial fall to the $4400 level. As a result, the price of Ethereum has been trading within a tighter range with resistance at $4700.

ETH/USD 4-hour chart. Source: TradingView

The 4-hour chart is showing decreasing volatility from the contracting Bollinger bands. Ethereum’s upper band sits at $4359, which represents the resistance. The middle line, which represents the mean average and support stands at $4344.

Ethereum price might continue lower in the next 24-hours, given the high possibility of breaking below the lower low at $4252.Thereby, our Ethereum price prediction is bearish today.