Ethereum Price Prediction is bullish after bouncing back above $3,800

Ethereum price action is bullish after buyers declared war against the bears that have been holding ETH hostage below 37.5K.
Ethereum price action is bullish after buyers declared war against the bears that have been holding ETH hostage below 37.5K.

Ethereum price prediction summary

  • Ethereum price prediction is bullish on the daily chart.
  • The cryptocurrency market is trading with mixed signals.
  • We are still anticipating a hot ascent past the $3,950 resistance. 

Ethereum price prediction is bullish on the daily chart after the cryptocurrency spiked back to the $3,800 mark early this morning. A strong bullish advance at the close of yesterday’s chart saw the coin dash from the $3,600 region to the $3,750 support. The bulls were then able to break past resistance at $3,800 and are now eyeing to recover the weekend losses that saw the price of ethereum come short of the $4,000 target by a few decimals. 

The cryptocurrency market is trading with mixed signals following a 1.21% ascent in the price of Bitcoin and a 0.62% drop in the price of Ethereum. Gainers include Binance Coin, Ripple, and Cardano while losers include Solana, Polkadot, and Filecoin.

Ethereum price action on the 1-day chart

Ethereum has been trading within a moderate range on the 24-hour chart between $3,732 and $3,831. Indicating moderate volatility for most of the day. The 24-hour trading volume for Ethereum increased by 9% to $17.04 billion. Ethereum’s market capitalization is trading at $450 billion and is ranked at number #2 among the leading cryptos by market value.

ethereum price prediction
ETH/USDT chart by TradingView

Ethereum(ETH) for the month of October recorded strong bullish momentum from the late September swing low near $2,750 to the 13th October dash to slightly below $4,000. The coin stopped at $3,997 when sellers took over the market during the previous weekend.

As a result, Ethereum corrected lower to the previous support around $3,650. The downward correction is a correction phase for the leading altcoin to consolidate more strength that will lead it towards fresh highs.

Ethereum price prediction conclusion

Bulls have already taken control of today’s Ethereum price prediction and we can expect the price of the coin to continue rising in the next 24-hours. Even after the leading altcoin missed the $4,000 mark as reported earlier by The Coinrise, we are still anticipating a hot ascent past the $3,950 resistance.