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Change is the only constant in life, and cryptocurrency is no different. The past seven days have been a roller coaster ride for the Ethereum price, but things are looking up. The price has recovered from the latest selloff, and it is now on a slow but steady climb back towards its all-time high.
After crossing the $2,000 mark for the first time, Ethereum price continued to rise, reaching $2,450. Ether price is currently consolidating gains. There is a crucial bullish trend line forming with support at $2,400 on the hourly chart of ETH/USD. (The Chief Analyst at eToro)
Summary of the situation
- ETH is trading near its $3,000 goal.
- The next installment is $2,800.
- The ETH/USD exchange rate has fallen back to the $2,900 level in recent hours.
The Ethereum price forecast for today is bullish, as the market moved up overnight and set a new high at $2,950. Currently, there is a slight downturn as the market prepares to build a base from which to begin recovery. Therefore, we expect Ethereum to reach the $3,000 target in the next 24 hours.
Crypto-currency heat map. Source: Coin360
The cryptocurrency market has moved with mixed results over the past 24 hours. Bitcoin is down 2%, pulling back from the gains it has made in recent days. Meanwhile, Ethereum continues to slowly approach the $3,000 mark with a small gain of 1.35%. The results were mixed for the rest of the altcoins, ranging from a 10% increase for Huobi Token (HT) and Maker (MKR) to a nearly 10% drop for DigiByte (DGB).
ETH/USD opened at $2,948 after another strong bullish close yesterday pushed the market above $2,800. Over the past few hours, ETH/USD began to give back some of its previous gains as the market looks for a base from which to make a final push towards the long-awaited $3,000 target.
Ethereum price movement in the last 24 hours
The price of ETH/USD traded in a range of $2,812 – $2,955, indicating good volatility. Trading volume over the past 24 hours was $28.2 billion, down 8%. The total market capitalization is $333 billion, representing a market dominance of 15.21%.
ETH/USD 4-Hour Chart – The ETH is currently in a slight pullback before a final push towards $3,000
On the 4-hour chart, we can see that the ETH/USD has experienced a pullback in the last few hours, trying to build a base from which it can push towards the $3,000 level.
ETH/USD 4-hour chart. Source: TradingView
Ethereum’s overall price performance continues to show a very strong upward trend. After an unsuccessful bullish move at the beginning of the month, the ETH/USD tested support around $2,000-2,200 several times until the 25th. A higher low was reached in April.
From a low of around $2,200, Ethereum began its rally before breaking through the previous all-time high of $2,646. In the following days, Ethereum’s price movement slowed down, but continued to reach new all-time highs. In late April, the $2,800 level served as strong resistance, leading to a slight consolidation. At the beginning of 1. However, in March, the ETH/USD exchange rate broke through the resistance level and continued to rise.
In the next 24 hours, Ethereum moved closer to the $2,950 mark. Then the ETH/USD began to pull back and prepare for another push higher. It is likely that the previous resistance at $2,800 will be retested as support from which a final push can be made towards the $3,000 main price target, discussed in our previous Ethereum price forecast.
Once the $3,000 price target is reached, we expect a larger multi-day pullback as the current uptrend wave has likely lost most of its momentum after a total gain of about 40%.
Ethereum Price Forecast: Supplement
The price outlook for Ethereum is bullish, as the market has continued to move higher in recent days. After peaking around $2,950 last night, ETH is now pulling back from part of the uptrend, which should lead to a final surge towards the $3,000 in the next 24 hours.
In anticipation of Ethereum’s price rise, don’t forget to read our guides on mining Ethereum, Litecoin and Bitcoin.
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