The price of Ethereum (ETH) has continued its descent over the past 24 hours, falling from $3,400 to $2,800 on the day. This is the lowest price the altcoin has reached since November 14, 2017, when it bottomed out at $128. On a short-term basis, it seems that today’s drop has finally pushed Ethereum to a support level that it had reached several times before, during its long 2017 bull run.
Ethereum price is forming a nice reversal pattern with an ascending triangle formation on the 4-hours chart. There was a break above a key bearish trend line at $3,130 on the same chart. It opened the doors for more gains and ETH/USD broke the $3,000 resistance area. The next stop for buyers could be near $3,200-3,250.
The price of Ethereum has been on a rollercoaster ride since the beginning of the year, but it seems to have found a floor at around $3,000, and it may be ready to surge once again. Ethereum is the second largest cryptocurrency in the world, with a total market cap of over $80 billion. It has been on a consistent downtrend since it peaked in January of this year, but it has found a floor over the past couple of weeks.
Summary of the situation
- ETH breaks through support at $3,200.
- ETH/USD peaks at $2,850.
- The market is gearing up for a pullback to the upside.
Today’s Ethereum price forecast is bullish, as the market has dipped below $3,000 in recent hours and rejects further declines for now. Therefore, we expect ETH/USD to move higher today and retest the previous support at $3,200 as resistance. Heatmap for crypto-currencies. Source: Coin360 In the past 24 hours, the overall market has declined. Bitcoin is trading above $40,000 and losing 10 percent. The situation is even worse for Ethereum, which has lost 14%. The rest of the altcoin market follows this pattern with mixed results. ETH/USD opened at $3,376 after consolidating around $3,400 yesterday. Last night the market dipped to a new multi-week low at 2,850. Therefore, we expect ETH to move today to recover some of its losses.
Ethereum price movement in the last 24 hours
The price of ETH/USD ranged from $2,867 to $3,562, indicating high volatility. Trading volume rose 5% in the past 24 hours to $49.4 billion. Meanwhile, the company has a total market value of $345.8 billion, representing a market dominance of 18.4%.
4-hour chart ETH/USD – ETH
On the 4-hour chart, we can see that the ETH/USD is currently refraining from further downward movement, while the market is preparing for a higher move later today. 4 hour ETH/USD chart. Source: TradingView Ethereum’s overall price dynamics have continued to move in a downward trend in recent days after hitting a new all-time high at $4,400. Before hitting a new all-time high, Ethereum gained more than 100% from previous key support at $2,100. Similar results can therefore be expected after the current recession ends in the medium term. However, we currently expect Ethereum to continue its downward movement until there are clear signs of a reversal. As we can see on the 4-hour chart, three clear bearish waves formed last week, resulting in a total downward movement of about 35%. As a result, the downward momentum could end soon. Overnight, a new low of $2,850 was reached, with ETH/USD quickly returning to $3,000 support. Therefore, the Ethereum price is expected to rise in the next 24 hours to retest the previous support level at $3,200 as resistance. Once resistance is retested, we will see further downward pressure as the bulls attempt to establish a higher bottom from which they can continue to climb in the coming weeks.
Ethereum Price Forecast: Supplement
Price expectations for Ethereum are bullish, having avoided further bearish momentum below $3,000 in recent hours. As a result, ETH/USD will make up some of its losses from last night and retest the previous support at $3,200 as resistance. In anticipation of further Ethereum price movements, check out our latest guide to Ethereum mining pools and software. To learn more about Ethereum’s most popular fork, check out our Ethereum Classic price forecast. 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 price of Ethereum (ETH) has spiked below $3,000 today, reversing a downward trend that began last month. From a high of $400 on June 17, when the hard-fork was completed, the price fell to $284 on June 22, triggering a downtrend that took Ethereum as low as $184.95 today, June 27. Over the past week, however, Ethereum has recovered some of its losses, rising above $200 today before the latest spike took it to $248.56 at the time of writing (09:17 UTC-4).. Read more about ethereum price projection 2021 and let us know what you think.
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