TL;DR Breakdown
- ETH breaks previous resistance at $4,200 overnight.
- Closest resistance at $4,400.
- Closest support at $4,000.
Today’s Ethereum price prediction is bearish as the market starts to slow down after setting a clear higher high at the $4,370 mark. Therefore, we expect Ethereum to move towards the $4,000 mark over the next 24 hours.
The overall market trades in the green today. Bitcoin is up by 1 percent, while Ethereum has gained almost 6 percent. EOS is among the best performers, with a 24 hour gain of 42.6 percent. Meanwhile, VeChain has struggled the most as it is down 2.7 percent.
Ethereum price prediction: Ethereum breaks $4,300, retracement to follow?
ETH/USD opened at $4,179 after rallying higher yesterday. Overnight ETH/USD established a higher high at $4,370, after which the trend slowed down. Currently, Ethereum starts to retrace again, meaning that we should see the $4,000 mark retested over the next 24 hours.
Ethereum price movement in the last 24 hours
ETH/USD price moved in a range of $3,901 – $4,360, indicating moderate volatility. 24 hour trading volume has decreased by 16.63 percent and totals $54.77 billion. Meanwhile, the total market cap trades around $494.5 billion, resulting in market dominance of 19.69 percent.
ETH/USD 4-hour chart – ETH sets a new all-time high at $4,370
On the 4-hour chart, we see Ethereum losing its momentum and starting to retrace over the last hours.
Ethereum continues pushing higher after a small retracement yesterday and set a new all-time high at $4,370 yesterday. Overall, ETH/USD has already gained more than 110 percent from the previous base around $2,040 – $2,100 during the second half of April.
After an initial slow rally in April to $2,800, Ethereum increased its bullish momentum until a several-day consolidation was set around the $3,400 mark. From there, Ethereum price spiked higher again and broke above the $4,000 major price target. After further upside, a new higher high was set at $4,200 on the 10th of May.
Further, on Monday, ETH/USD made a quick retracement towards the $3,700 level, where bulls quickly regained control. Yesterday, ETH/USD regained its bullish momentum and started moving higher. This resulted in a clear break above the previous swing high of $4,200 and indicates that the overall market structure is bullish.
Currently, Ethereum starts to retrace once again, with the first support target seen at the $4,000 mark. From there, ETH/USD should set a higher low and continue pushing higher later this week.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bearish as the current bullish upswing is exhausted and the market consolidated for the past hours. Right now, we can see Ethereum already starting to push lower, meaning that we could see a retracement to the $4,000 later this week.
While waiting for further Ethereum price action development, read our guide on investing in cryptocurrencies. Additionally, see our articles on how to buy Bitcoin with a credit card and how to sell Bitcoin.
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-2021-05-12/
