Today’s Ethereum price prediction is bullish as the market rejects further downside after retesting the $3,600 support. Over the past hours, Ethereum has moved higher, indicating that we should see a break above the $4,000 mark later today.
The overall market trades with a slight loss today. Bitcoin trades around the $50,000 mark and has lost 1.42 percent, while Ethereum with a loss of 2.27 percent. Dogecoin moved against the overall market as it gained more than 25 percent.
Ethereum price prediction: Ethereum moves above $3,800, prepares to break $4,000?
ETH/USD opened at $3,719 after closing slight bearish yesterday. After several retests of the $3,600 support, Ethereum price started to push higher earlier today, indicating an upcoming market reversal to regain most of the loss seen earlier this week. Therefore, we expect ETH/USD to move back above the $4,000 mark over the next 24 hours.
Ethereum price movement in the last 24 hours
The ETH/USD price moved in a range of $3,549.41 – $3,982.65, indicating a moderate amount of volatility. 24 hour trading volume has decreased by almost 16 percent and totals $67.5 billion. The total market cap trades around $448.8 billion, ranking the cryptocurrency in 2nd place overall, with a market dominance of 19.66 percent.
ETH/USD 4-hour chart – ETH moves higher today with $4,000 as the first target
Looking at the 4-hour chart, we can see Ethereum price moving higher over the past hours after retesting the $3,600 support once again, indicating that we will see further upside later today.
ETH/USD continued to consolidate around the $3,600 support as it prepares to move higher once again. The retracement seen over the last few days is a result of a more than 100 percent upswing from the last support around the $2,000 mark, set on the 18th of May.
On the 12th of May, Ethereum peaked just below the $4,400 mark and retraced by almost 20 percent to the $3,600 support, where a strong resistance was previously established on the 7th of May. Therefore, Ethereum has likely retraced enough to prepare for another push higher.
Yesterday we saw Ethereum move higher to test the $4,000 resistance. However, further upside was not seen, and the market price action returned to retest the $3,600 support. After failing to move any lower, Ethereum started to trade higher over the past hours. Therefore, we should see another attempt to move above the $4,000 mark later today.
Once the $4,000 resistance is broken, Ethereum should attempt to break above the $4,400 mark over the weekend. If a lower high is set, we could see another major wave lower next week, resulting in a further lower low.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market rejected further downside earlier today and currently moves towards the next major resistance at $4,000. If the $4,000 resistance is broken, we expect a new all-time high set next week.