ETH/USD opened at $2,706 after a bullish push higher yesterday. Today, the Ethereum price action continued to move higher and reached the previous swing high of around $2,900. From there, we expect further push higher towards a break above the $3,000 resistance.
Ethereum price movement in the last 24 hours
ETH/USD traded in a range of $2,667 – $2,891, indicating a moderate amount of volatility. Trading volume has increased by 15 percent, totaling $30.8 billion. Meanwhile, the total market cap stands at $330 billion, ranking cryptocurrency in 2nd place with a market dominance of 18.83 percent.
ETH/USD 4-hour chart – Ethereum prepares to break $3,000.
On the 4-hour chart, we can see the Ethereum price action preparing to break above the $3,000 resistance.
The overall market continues to recover from the downswing seen over the past few weeks So far the Ethereum price action has shown signs of exhaustion for further downside as support was found at the $1,725 mark on the 23rd of May.
After recovery at the end of May, ETH set a high at $2,900 and retraced to $2,200, establishing a higher low. Therefore, the first sign for upcoming trend reversal was set and we can expect ETH/USD to move higher over the next few weeks.
The closest target is located at the $3,200 mark and would mean a substantially higher high set over the next weeks from which Ethereum will prepare to increase its bullish momentum even further to reach the previous all-time high at $4,400.
Ethereum Price Prediction: Conclusion
Ethereum price prediction is bullish as the market has continued to move higher over the last few days. After establishing a higher low at $2,200, Ethereum started moving to set a new higher high above the $2,900 mark. Therefore, we expect ETH/USD to push to the $3,200 price mark later this week.
While the Ethereum price action moves higher, read our latest guides on how to buy Cardano, mine Zcash, and how many Bitcoins are left to mine.
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