Worth prediction for the Ethereum: ETH is slowly forming a double peak after declining $ 1450
TL; DR breakdown
- ETH is currently trading around $ 1,300.
- Strong support at $ 1250.
- The 50 period moving average holds the price for now.
Today’s price prediction for Ethereum is bearish as it appears to be bearish after barely hitting a new all-time high around $ 1480 and a rejection of another uptrend.
Cryptocurrency Heat Map from Coin360
The overall market has been sending mixed signals so far. The biggest altcoins like ETH, DOT, XRP and LTC are in the red. Bitcoin has yet to move, however. Hence, we might see more volatility later today.
Ethereum Price Prediction: ETH / USD Set To Break Lower?
After setting a new all-time high around USD 1480, Ethereum has entered a retracement phase, as described in our previous price prediction for Ethereum. Yesterday the USD 1250 support was reached after a strong bearish wave. However, Ethereum rejected any further downtrend below support and so far it appears to be consolidating.
Moving below the USD 1250 support would mean a much larger medium-term reversal is forming over the medium term. Ethereum would therefore likely spend the coming weeks either in sideways consolidation or in an even deeper slow retracement.
Ethereum price movement in the last 24 hours
Today ETH / USD opened at USD 1367 and has traded between USD 1253 and USD 1370 for the past 24 hours. After a brief test of the USD 1250 support, Ethereum reversed and rose towards a minor resistance at USD 1370. At the moment, Ethereum is trying again to break below the USD 1250 support.
Ethereum price chart from TradingView
ETH / USD 4-Hour Chart – Ethereum Rejects USD 1250 Support?
As mentioned earlier, Ethereum plans to retest support for $ 1250. A brief test was conducted yesterday towards the USD 1250 support area. However, ETH / USD quickly rejected any further downside moves. In addition, Ethereum is currently considering the range between 50 and 100 moving averages as additional support.
Overall, Ethereum looks bearish as the rejection seen earlier this week has resulted in a double spike. Hence, Ethereum seems to be more bearish right now. Unless the ETH reaches a new high, the analyst predicts that the market could reverse in the medium term and enter a retracement lasting several weeks.
As long as the USD 1250 support is in place, the price direction of Ethereum is neutral. However, if support is interrupted, the next critical support will be $ 1050 to $ 1100. If Ethereum hits a lower low under this support, the market immediately turns bearish.
Important levels to watch this week therefore include the current support at USD 1250, resistance around the previous all-time high of around USD 1450 and the next support at the last significant swing low of around USD 1050-1100.
If Ethereum can move back up in relation to the current price level, the analyst expects a new all-time high to be recorded this week. However, the rejection of another uptrend earlier this week raises concerns about a much larger reversal in the price of ETH / USD.
Price prediction for the Ethereum: conclusion
Today’s price prediction for Ethereum is bearish as the market continues to test previous support around $ 1250. If Ethereum falls down, the analyst expects a move towards the previous major low at $ 1050. This would cause Ethereum to go bearish again and validate the bearish double top pattern currently being formed.
Unless Ethereum can set a new high or show clear signs of rejection for further downward movements, traders should remain neutral. For now, the best option would be to stay on the sidelines and wait for more price promotions from Ethereum.
Overall, Ethereum is looking increasingly bearish, and we have been able to see a much larger reversal slowly developing.
For more information, check out our latest article on Bitcoin Exchange Traded Funds or News About Russia Banning Its Officials From Owning Crypto.
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