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When it comes to exploring the intricacies of cryptocurrencies one of the most important tools is technical analysis. It is a simple way to define the future price of an asset based on its past behaviors. The concept relies on the assumption that historical data can be used to predict how the market will behave in the future. The effectiveness of the tool is not a guarantee, but it’s not a bad place to start.
Ethereum has recently reached a new all-time high, breaking the $4,000 mark for the first time in history. Sure, the price of Ethereum is still well below the all-time high of $1,400, which it reached in early June of this year, but the recent surge has put Ethereum back into the spotlight. So, let’s take a look at the Ethereum price prediction, and whether or not it is a good investment.
Summary of the situation
- ETH is trading below $4,200.
- This morning $4000 was retested as support.
- The next installment is $3,800.
The Ethereum price outlook for today is bullish as the market continues to move higher after retesting the $4,000 support level. Therefore, we expect ETH/USD to continue rising over the next 24 hours barring a sharp pullback today.
Overall, the market has seen mixed results over the past 24 hours. Bitcoin is trading unchanged, with a small loss of 0.1%. At the same time, Ethereum rose 6%, continuing its rise. Stellar (XLM) is one of the best performers with a gain of 13%.
ETH/USD opened at $3.928, after it closed near the opening yesterday and briefly retested support at $3.800. Today, the price of Ethereum has risen and exceeded the $4,000 price target. Currently, there is some divergence towards a further decline around $4,200, which means we could see a slight correction in the coming hours. However, the bullish momentum of recent weeks remains strong and we expect further gains in the next 24 hours.
Ethereum price movement in the last 24 hours
The price of ETH/USD traded in a range of $3,852 – $4,197, indicating good volatility. Trading volume rose 4.7% in 24 hours to $55 billion. The total market capitalization is $481.4 billion, representing a market dominance of 19.59%.
4-Hour ETH/USD Chart – ETH heading for $4,200 after retest of $4,000 support
On the 4-hour chart, we can see that the price of Ethereum is trying to break through the $4,200 level after retesting support at $4,000.
Ethereum continues to grow and set new all-time highs almost daily. After trying to reach higher peaks in the second half of April, Ethereum established a solid base around the $2,100 mark in the last week of April. Since then, the ETH/USD exchange rate has increased by more than 100% and has reached the $4,200 mark.
At the end of last week, Ethereum established a consolidation zone around $3,800 – $4,000, followed by another upside spike that saw ETH eventually cross $4,000 and establish a new all-time high at $4,200. With no signs of a correction at the moment, we expect Ethereum’s price action to continue rising throughout this week.
Otherwise, if the $4,000 support is breached, Ethereum could see the beginning of a stronger pullback as the market has moved at a rapid pace in recent days. Some support could be found around the $3,800 level as consolidation was seen there earlier. However, a much stronger correction target would be the previous consolidation zone around $3,400 – $3,600.
Ethereum Price Forecast: Supplement
The price outlook for Ethereum is bullish as the market continues to move higher after breaking above $4,000 and retesting that level as support. Therefore, we expect ETH/USD to continue to rise over the next 24 hours until a lower low is established.
In anticipation of Ethereum’s rise, check out our guides on investing in cryptocurrencies and the best portfolio options. To learn more about another great altcoin, read our article on how to mine Monero.
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