TL;DR Breakdown
- ETH retested $2,700 as support.
- Next resistance at $2,800.
- Previous support at $2,550.
Today’s Ethereum price prediction is bullish as the market continues moving higher after retesting the $2,700 level as support overnight. Therefore, we should see ETH/USD break above the $2,800 mark over the following hours as it continues its way to $3,000.
The crypto market trades in the green today as most altcoins have seen substantial gains over the last 24 hours. Binance Coin (BNB) and Cardano (ADA) are up by 5-6 percent as they are among the best performers today. Meanwhile, the market leader, Bitcoin, remains flat with a slight loss of almost 1 percent.
ETH/USD opened at $2,751 after several bullish days resulted in a price move from $2,200 to $2,700. Overnight the Ethereum price action paused and retested $2,700 previous resistance as support and, from there, started trading higher over the past hours. Overall, this price action development should lead Ethereum towards breaking above the $2,800 later today as Ethereum continues reaching towards the next major price target at $3,000.
Ethereum price movement in the last 24 hours
ETH/USD price action traded in a range of $2,670 – $2,797, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased slightly, by 3 percent and totals $33.2 billion. Meanwhile, the total market capitalization trades at $322.3 billion, ranking the cryptocurrency in 2nd place overall with a market dominance of 15.44 percent.
ETH/USD 4-hour chart – ETH breaks $2,700 and continues pushing higher
On the 4-hour chart, we can see ETH pushing higher for most of today, indicating that the $2,800 mark will likely be broken by tomorrow.
Ethereum price has seen good performance over the past week. After establishing support at the $2,170 mark, Ethereum started trading higher over the following days. Some resistance was found at the $2,550 mark. However, after some consolidation, another push higher was made until resistance was found below the $2,700 mark, as mentioned in our previous Ethereum price prediction.
Yesterday, ETH/USD moved above the $2,700 after some initial rejection for further upside. After a strong push higher was made, the $2,700 resistance was now retested as support. From there, ETH/USD started moving higher again earlier today. After several strong bullish 4-hour candle closes, we can see the Ethereum price trading just below the next price target at $2,800.
Therefore, we expect Ethereum to break higher by the end of the day. However, since the overall several-day bullish momentum has resulted in a gain of around 30 percent, we can assume that the market is exhausted right now. This should lead to a serious retracement over the next few days.
The first major support area where Ethereum could retrace to is seen at the $2,550-$2,600 price area. If this support area does not hold, Ethereum will find support and set a higher swing low at the $2,400 mark. When considering the overall volatility seen over the past weeks, retracing to the $2,400 support level seems like a more realistic scenario. From there, ETH/USD will likely make its move to reach the so-long awaited $3,000 round number price target.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market continues pushing higher after retesting the $2,700 level as a support. Therefore, we expect ETH to move above the $2,800 mark later today and continue moving towards the next major price target of $3,000.
While waiting for further Ethereum price action development, read our guide on Ethereum mining. To learn more about the market leader – Bitcoin, see our articles on Bitcoin ETFs and mining pools.
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.
Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/ethereum-price-prediction-2021-04-29/
