Ethereum has recovered from its recent fall after testing $2,500 over the weekend. The cryptocurrency rejected further downside overnight, and the price action in the past 24 hours has begun to look more bullish. While a few hours ago Ethereum was trading at $2,848, it has already recovered to $3,290 at the time of writing. This strong rebound from the $2,500 mark suggests that the sellers are exhausted and that the bullish trend will resume.
Ethereum price prediction: Ethereum rejects further downside overnight, prepares to break $3,000? Ethereum price analysis : Ethereum has been strong against the dollar since last night. The cryptocurrency is recovering from the selling pressure that followed the announcement of the Securities and Exchange Commission that Ethereum is not a security. Although the coin was on a downtrend since the beginning of the year, it is likely that it could have gained more if the SEC didn’t classify it as a security.
Ethereum price prediction: Prices have risen more than 140 percent since the start of the year, and the cryptocurrency has set its sights on an all-time high. The price of Ethereum has been on an upward trajectory since the start of the year, and as it stands, the cryptocurrency is up more than 140 percent from the start of the year. This week, the price of Ethereum has been on a steady uptrend, rising from just under $250 at the beginning of the year to just over $300 at the time of this writing. That said, over the last 24 hours, the price of Ethereum has rejected further downside, and is preparing to break an all-time high.
Summary of the situation
- Overnight, ETH jumped to a support level of $2,200.
- ETH/USD is trading below the $2,800 resistance level.
- The next resistance is at the $3,000 level.
Today’s Ethereum price forecast is bullish as the market dropped overnight and set a higher low around the $2,200 mark. Therefore, we expect ETH/USD to rise over the next 24 hours as the bulls try to get back above $3,000. Heatmap for crypto-currencies. Source: Coin360 The cryptocurrency market is trading with losses today. Bitcoin stands below $40,000, losing 2.2 percent. Meanwhile, Ethereum fell 10% and other altcoins performed even worse. ETH/USD opened at $2,443 after a very bearish close yesterday. Overnight, the ETH/USD recovered some of its losses and made a high low around $2,200. Therefore, we should see new highs in the next 24 hours.
Ethereum price movement in the last 24 hours
The price of ETH/USD has varied from $1,952.46 to $3,007.34, indicating high volatility. Trading volume has risen 87% in the past 24 hours to $92.5 billion. The total market capitalization is $310 billion, representing a market dominance of 17.89%.
4-hour chart ETH/USD – ETH
On the 4 hour chart we see the ETH/USD trading below the $2,800 level after forming an overnight high. ETH/USD 4-hour chart. Source: TradingView Overall price action in the market continues to show strong downward momentum over the past few days. After the ETH/USD was traded on the 12th. After hitting a new high of $4,400 in May, there was a drop of more than 50% last week. This suggests that the market has retreated enough to begin an upward move in the coming weeks. But first you need to establish a foundation from which to move forward. Yesterday, the price of Ethereum fell again, hitting a low around $2,200. Then the market moved higher and reached the $2,800 mark. As a result, we could see Ethereum trading sideways for the rest of the week, while a new base is formed from which to proceed this month. The current primary brake is $3,000. Once broken, the ETH/USD will regain bullish momentum. However, if the market reverses and drops below $2,200 support, we expect further losses next week. For now, it’s best to sit on the sidelines and wait for more Ethereum price action.
Ethereum Price Forecast: Supplement
The price outlook for Ethereum is bullish, as the market repelled another downward attempt last night and is now building momentum to cross the $3,000 mark. Therefore, ETH/USD is expected to rally by the end of the week. While waiting for the Ethereum price to recover, read our latest guides on Ethereum mining pools and software, as well as an overview of Ethereum mining. 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.The Ethereum price rose above $300 over the past 24 hours after having stabilized around $270. This move allowed Ethereum to break through the resistance at $300 and test the Fibonacci level at the 50% level at $326.54. The next major resistance above the $320 level is at the 61.8% Fibonacci retracement level at $373.34, followed by the 76.4% Fibonacci retracement level at $400.13.. Read more about ethereum price prediction 2021 and let us know what you think.
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