Ethereum price prediction: Ethereum reached $3,600, retests $3,400 as it prepares to move higher

TL;DR Breakdown

  • ETH finds resistance at $3,600.
  • Closest support at $3,400.
  • Next support at $3,200.

Today’s Ethereum price prediction is bullish as the market set a higher high yesterday and currently retests $3,400 support. Therefore, we expect Ethereum to push higher over the next 24 hours as the several-week rally continues.

Ethereum price prediction: Ethereum reached $3,600, retests $3,400 as it prepares to move higher 5
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades with mixed results. Bitcoin and Ethereum remain flat, with most of the altcoins trading with either a small gain or loss, indicating low volatility. EOS and Monero are among the best performers, with a gain of around 18 percent. Meanwhile, WAVES are among the worst performers, with a loss of 7 percent.

Ethereum price prediction: Ethereum reached $3,600, retests $3,400 as it prepares to move higher 

ETH/USD opened at $3,492 today after a low volatility price action. Yesterday set a new high at $3,600 and slowly retraced to $3,400. Right now, ETH/USD moves sideways above the $3,400 support, indicating that we should see another push higher over the next 24 hours. Therefore, the next minor price target at $3,700 should be reached by tomorrow.

Ethereum price movement in the last 24 hours

ETH/USD price moved in a range of $3,370 – $3,598, indicating mild volatility. Trading volume has remained flat and totals almost $45 billion. Meanwhile, the total market cap trades at $406 billion, resulting in the market dominance of 16.93 percent.

ETH/USD 4-hour chart – ETH

On the 4-hour chart, we can see Ethereum pushing higher over the past hours as the market bounces from the $3,400 support once again.

Ethereum price prediction: Ethereum reached $3,600, retests $3,400 as it prepares to move higher
ETH/USD 4-hour chart. Source: TradingView

ETH/USD 4-hour chart. Source: TradingView

The overall market structure continues posting new all-time highs. From the latest major swing low, around $2,100, ETH/USD has already gained more than 70 percent over the past weeks. 

After setting a higher high on the 27th of April, Ethereum price slowed down and slowly edged towards the $2,800 mark. On the 1st of April, a quick spike above this resistance started a much faster continuation for the several-day rally with the $3,000 mark quickly broken without much hesitation. From there, Ethereum price rallied higher until it peaked at $3,500 on the 4th of May.

From the $3,500 price target, ETH/USD retraced to the $3,200 mark and consolidated for some time. On Wednesday, a small push higher resulted in another retest of the $3,500 resistance, from which a small retracement and another push higher led to the $3,600 price mark reached.

Overnight, we saw Ethereum retracing to the $3,400 once again, with a clear rejection for further downside. Since then, Ethereum started moving higher and currently trades around $3,500 again. If the several-hour bullish momentum continues, we should see ETH reach the next price milestone at $3,700 over the next 24 hours.

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bullish as ETH/USD continues respecting support at $3,400, meaning a solid higher swing high for the overall trend. Therefore, we should see another push higher over the next 24 hours as Ethereum tries to reach the next price target at $3,700.

While waiting for Ethereum to push higher, see our latest guides on Ethereum, Litecoin, and Bitcoin mining. 

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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