TL;DR Breakdown
- ETH finds support around $3,700-$3,800.
- Further upside resisted around $4,100.
- Next significant support at $3,600.
Today’s Ethereum price prediction is bearish as the market rejected further upside after peaking above the $4,000 once again earlier today. Therefore, we expect another push lower over the next 24 hours, with the next support located at the $3,600 mark.
The overall market is in the red today as rejections for further upside were seen across the board over the last hours. The market leader, Bitcoin, trades with a loss of 4 percent, while Ethereum at 3.5 percent. Ripple, Litecoin, and Chainlink are among the worst performers with losses of around 8-9 percent.
ETH/USD opened at $3,949 after closing with a clear indecision yesterday and setting a new all-time high at $4,200. Over the past hours, Ethereum price tried to move higher again, with the $4,000 level acting as a resistance. Therefore, we expect ETH/USD to move lower over the next 24 hours.
Ethereum price movement in the last 24 hours
ETH/USD price moved in a range of $3,684 – $4,197, indicating severe volatility. The 24-hour trading volume stands at $63 billion, while the total market cap stands at $455 billion, leading to the market dominance of 18.97 percent.
ETH/USD 4-hour chart – ETH sets a lower high after almost reaching the $4,100 mark.
On the 4-hour chart, we can see ETH/USD posting a bearish pin bar candle, indicating that another move lower is expected over the next 24 hours.
Ethereum price action trades with a bullish structure overall. After establishing a strong support base of around $2,100 over the second half of April, Ethereum set a slightly higher high around $2,600.
After another sharp retracement to the $2,100 support, the further downside was rejected, indicating that the market still wants to move higher. From there, a rally of around 100 percent was made until a new all-time high was set at the $4,200 mark.
Yesterday, Ethereum price action rejected further upside, with a strong move lower late in the afternoon. After the market price moved below the $4,000 mark, bears build up heavy selling momentum until further downside was rejected around $3,650. Bulls quickly absorbed any further selling pressure and pushed ETH/USD back to the $4,000 mark.
Earlier today, ETH/USD moved higher and almost reached $4,100. However, this time, the further upside was rejected, resulting in a bearish pin bar posted on the 4-hour chart. Currently, Ethereum trades below the $4,000 mark as it most likely prepares for another push lower over the next 24 hours.
Once further downside is seen, we can expect the $3,600 mark to act as a support as it served as a strong resistance earlier this week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the market failed to move higher over the past hours and saw a heavy rejection above the $4,000 mark. This should lead Ethereum towards another move lower, with the support target located around the $3,600 mark.
While waiting for further Ethereum price action development, read our investing in cryptocurrencies guide. To learn more about the market leader, see our articles on how to use Bitcoin and how to buy Bitcoin using a credit card.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Source: https://www.cryptopolitan.com/ethereum-price-prediction-2021-05-11/
