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Throughout 2017, Ethereum price has fluctuated around $400. This week, Ethereum price jumped $4,000 in only a few days. Ethereum price reached $4,000 on January 5, 2018. The price has dropped from $4,000 to $3,300, and is currently still rising. We predict that Ethereum will reach $5,000. The exponential rise of Ethereum price might be due to the announcement of the Enterprise Ethereum Alliance (EEA). This non-profit partnership will be working with large companies on the Ethereum blockchain to help build private and public blockchain solutions.
Since the beginning of April, Ethereum has exceeded $2,000, marking a growth of almost 500 percent in less than a month. While a recent pullback to $3,000 resulted in a bit of profit-taking, Ether is still above $4,000. Just how high can the value of Ethereum go? Here’s what industry experts are saying.
Summary of the situation
- ETH reaches its peak below $4,000.
- The next support is at $3,600.
- The next support is at $3,400.
Today’s Ethereum price forecast is bearish as the market has reached a significant price target of $4,000 and is showing signs of reversing. Therefore, we expect ETH/USD to decline in the coming days, with initial support at $3,600.
Crypto-currency heat map. Source: Coin360
The global crypto-currency market is trading with mixed results today. Market leader Bitcoin has lost 1.5% in the past 24 hours, while Ethereum is up nearly 10%. Binance Coin and Cardano are among the top players with gains of more than 5 percent. Dogecoin, meanwhile, lost the most, falling back below $0.50 with an overall decline of 33%.
ETH/USD opened at $3,917 today, after being pushed back from a key price target of $3,500 to $4,000 yesterday. Since then the market has moved sideways, indicating an impending correction after a very strong rally. Therefore, we expect Ethereum to fall back towards the $3,600 support in the coming days.
Ethereum price movement in the last 24 hours
The ETH/USD exchange rate moved in the range of $3.529 – $3.964, indicating high volatility. Trading volume rose 38% in 24 hours to $53.6 billion. The company has a total market value of $448 billion, representing a market dominance of 18.6%.
4-Hour ETH/USD Chart – ETH starts to fall below $4,000
On the 4-hour chart, we can see that Ethereum price has been moving sideways for the past few hours, suggesting that we will see a pullback today.
Chart 4 hours ETH/USD. Source: TradingView
The market as a whole continues to move in very strong upward momentum, having established a solid base of support around $2,100 in mid-April. Since then, the price of Ethereum has increased by more than 90% and reached the next milestone of $4,000.
Earlier in the week, ETH/USD reached $3,500 and then consolidated back to $3,200. From there, Ethereum rose slightly to $3,600 resistance, where a new consolidation zone formed for a few days with $3,400 as support. Overall, this indicates a slowdown in upside momentum for several weeks.
The eighth. In May, however, Ethereum passed the $3,600 mark, and reached $4,000 shortly thereafter. Ethereum made an unsuccessful attempt to break the $4,000 mark overnight, and a small decline followed shortly after. If the $4,000 level is not broken, we could see a pullback in the coming days as the Ethereum price action structure tries to establish a base from which it can rise in the coming week.
Ethereum Price Forecast: Supplement
The outlook for the Ethereum price is bearish, as the price has risen sharply over the past 24 hours and is currently showing signs of depletion. Therefore, we expect ETH/USD to decline in the next 24 hours, with the first major support target at $3,600.
In anticipation of Ethereum’s price drop, read our guide on investing in cryptocurrencies. To learn more about Ethereum, read our articles on Ethereum mining and Ethereum payments.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility 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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