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Ethereum price prediction: Ethereum reaches $2,950, prepares to break $3,000

TL;DR Breakdown

  • ETH trades close to $3,000 target.
  • Closest support at $2,800.
  • ETH/USD retraced to $2,900 over the past hours.

Today’s Ethereum price prediction is bullish as the market has moved higher overnight and set a new high at $2,950. Currently, a small retracement is seen as the market prepares to build a base from which to push higher. Therefore, we expect Ethereum to reach the $3,000 target over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin is down by 2 percent as it retraces some of the gains seen over the past days. Meanwhile, Ethereum continues slowly moving towards the $3,000 mark with a small gain of 1.35 percent. For the rest of the altcoins, mixed results are seen ranging from a 10 percent gain for Huobi Token (HT) and Maker (MKR) and a loss of almost 10 percent for DigiByte (DGB).

Ethereum price prediction: Ethereum reaches $2,950, prepares to break $3,000

ETH/USD opened at $2,948 after another strong bullish close yesterday, which took the market above the $2,800 mark. Over the past hours, ETH/USD started to retrace some of the previous gains as the market looks to establish a base from which to make a final push towards the long-awaited $3,000 target.

Ethereum price movement in the last 24 hours

ETH/USD price moved in a range of $2,812 – $2,955, indicating a good amount of volatility. Trading volume for the last 24 hours stands at $28.2 billion, which is down by 8 percent. The total market cap stands at $333 billion, resulting in market dominance of 15.21 percent. 

ETH/USD 4-hour chart – ETH currently in a small retracement before a final push to $3,000

On the 4-hour chart, we can see ETH/USD retracing over the last hours as it looks to establish a base from which to push higher towards the $3,000 mark. 

ETH/USD 4-hour chart. Source: TradingView

The overall price action of Ethereum still indicates a very strong uptrend. After failing to move higher earlier this month, ETH/USD retested support around $2,000-$2,200 several times until a higher low was set on the 25th of April. 

From the higher low around $2,200, Ethereum started rallying until the previous all-time high at $2,646 was broken. Over the following days, the Ethereum price action slowed down, while continuing to reach new all-time highs. At the end of April, the $2,800 mark served as a strong resistance, resulting in a slight consolidation. However, early on the 1st of March, ETH/USD spiked above the resistance and continued higher.

Over the following 24 hours, Ethereum moved higher until the $2,950 mark. From there, ETH/USD started to retrace as it prepares for another push higher. Likely the $2,800 previous resistance will now be retested as a support, from which to make a final push to the $3,000 major price target as mentioned in our previous Ethereum price prediction.

Once the $3,000 target is reached, we expect a much larger several-day retracement as the current bullish wave to the upside has likely lost most of its momentum after a total gain of around 40 percent. 

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bullish as the market continues moving higher over the past days. After peaking around $2,950 overnight, ETH currently retraces some of the gain, which should result in a final push towards the $3,000 mark over the next 24 hours.

While waiting for further Ethereum price action development, see our mining guides on Ethereum, Litecoin, and Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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