Summary of the situation
- ETH finds resistance below $2,400 tonight.
- ETH/USD is currently at $2,200.
- The next major support is at $2,040.
Today’s price outlook for Ethereum is bullish, as the market rallied last night after peaking just below the $2,400 resistance level. So as long as we don’t see ETH/USD break below $2,200 support, we should see more upside movement throughout the day.
Crypto-currency heat map. Source : coin360
The crypto-currency market has been trading with mixed results over the past 24 hours. Market leaders Bitcoin and Ethereum fell 1% and 3% respectively, following bearish momentum overnight. Dogecoin is one of the top performers with a 10% gain. Meanwhile, Ripple is one of the worst performers with a 6% loss.
ETH/USD opened today at $2,369 after a sharp drop to $2,040 early yesterday. Later, the same strong push caused the market to close below the $2,400 resistance level. Overnight, ETH/USD fell again until it found support at $2,200 in the final hours. Barring a new bearish trend, we should see Ethereum move higher in the next 24 hours as the bulls attempt to establish a higher high above $2,400 resistance.
Ethereum price movement in the last 24 hours
The ETH/USD exchange rate fluctuated in the range of $2,178 to $2,376, indicating significant volatility. Trading volume fell 42.5% over the past 24 hours to $36 billion. The total market size is $256 billion, putting cryptocurrencies in second place with a market dominance of 14.1%.
4-hour ETH/USD chart – ETH regains support at $2,200
A look at the 4-hour chart shows that the price of Ethereum is currently testing $2,200. In the absence of other negatives, ETH/USD should rally today.
As described in our previous Ethereum price forecast, ETH retested support at $2,000 yesterday. However, support was found just above the $2,050 area, implying a slightly higher low and a 4th retest of support around the $2,040 – $2,080 area.
4 hour chart ETH/USD. Source: TradingView
Overall, Ethereum has lost most of its momentum in recent days after hitting a new all-time high of 2,646 on Thursday, leading to a nearly 30% rise in a few days. From there, a new spike was seen below support at $2,040, from where a small boundary was seen yesterday.
Overnight, ETH/USD recovered some of its losses and peaked just below the $2,400 resistance level. From there, ETH has moved to a lower support level of $2,200 in the last few hours. If this support is broken, we will see a further pullback to the previously four times tested support at $2,040.
If support at $2,200 prevents ETH/USD from moving lower, a higher low can be expected and the next target is $2,550. From here, the bulls will likely try to reach new all-time highs next week.
Ethereum Price Forecast: Supplement
The price outlook for Ethereum is bullish now that the market is back and currently testing support at the $2,200 level. If this holds, Ethereum price should see new highs today, with the next resistance target at $2,550.
While we wait for the price of Ethereum to change, check out our guide to unlocking Ethereum and investing in Ethereum. To learn more about crypto currency trading, read our article on the best crypto currency arbitrage tools.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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