Ethereum price prediction: Ethereum breaks previous high at $1,940, next target at $2,040

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  • ETH is still trading close to resistance at $1,940.
  • Next target at the $2,040 mark.
  • Closest support at $1,850.

Today’s Ethereum price prediction bearish as the market has gained 10 percent over the last 24 hours and has found previous resistance at $1,940. Therefore, we are likely to see ETH/USD retrace lower later today and retest the last resistance of $1,850 as support. 

Ethereum price prediction: Ethereum breaks previous high at $1,940, next target at $2,040 3
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen strong bullish momentum over the last 24 hours. Bitcoin has remained relatively flat as it is resisted by $60,000 major resistance and consolidates around $58,500. However, most of the altcoin has seen a strong bullish impulse higher. Filecoin(FIL) has gained the most from the top altcoins as it is up by 42 percent and has broken the $200 mark. 

Ethereum price prediction: Ethereum breaks previous high at $1,940, next target at $2,040

ETH/USD opened at $1919 after several days of bullish momentum. Right now previous significant swing high at $1,940 has been broken. However, some rejection is seen for the market. Therefore, we could see Ethereum retrace and retest previous resistance turned support at the $1,850 mark. From there, Ethereum will likely push higher towards the all-time high of $2,040.

Ethereum price movement in the last 24 hours

The ETH/USD price moved in a range of $1,797 – $1,966, indicating a good amount of volatility. Trading volume has increased by 30 percent and totals $31 billion, meaning an increased market interest, likely to push the market above the previous swing high. The total market cap has returned above $200 billion and stands at $224 billion, ranking the cryptocurrency in 2nd place overall with a market dominance of 11.84 percent.

ETH/USD 4-hour chart – ETH peaks at $1,966, reversal to follow?

On the 4-hour chart, we can see the first sign of rejection around the $1,940 resistance. ETH/USD has returned below $1,935 and likely prepares to set a bearish rejection pin-bar candle. Therefore, ETH/USD will likely retrace over the next 24 hours and retest the previous resistance of $1,850 as support. 

Ethereum price prediction: Ethereum breaks previous high at $1,940, next target at $2,040
ETH/USD 4-hour chart. Source: TradingView

Overall, Ethereum has finally started regaining its bullish momentum after spending the last half of March in a retracement from $1,940 to $1,550, resulting in a loss of over 20 percent. After support was found at the $1,550 mark, Ethereum consolidated for a day and finally started pushing higher.

The first resistance was met at the $1,725 mark, and once it was broken, ETH/USD saw a quick jump higher of over 10 percent towards the previous major resistance at $1,850. After a small retracement earlier this week, Ethereum pushed higher yesterday and reached the several-week high of $1,940, which is the last resistance before the all-time high of $2,040.

Right now, the short-term Ethereum price action looks to turn bearish again as further upside is rejected. ETH/USD has already returned below the $1,940 and looks to close the current 4-hour candle as a bearish pin bar, signaling a reversal and an overextension for the current wave to the upside.

Therefore, the Ethereum price will likely retrace over the next 24 hours, with the closest support located at $1,850, which previously served as a resistance. From there, Ethereum will likely consolidate for some time as it prepares to retest the all-time high at $2,040 finally. This means that a long position taken from the $1,850 support could lead to a quick 10 percent gain if we consider the $2,040 level as the target price for the next wave higher.

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bearish as the Ethereum price action momentum is exhausted after retesting $1,940 resistance. This exhaustion should lead Ethereum towards retracing lower over the next 24 hours. If support is found at the $1,850 previous resistance, we are likely to see Ethereum push towards the all-time high of $2,010 over the following days.

While waiting for further Ethereum price action development, see our long-term Ethereum price prediction, as well as a comparison article on Bitcoin vs Ethereum. To learn more about another great altcoin, see our Litecoin price prediction.

Source: cryptopolitan.com

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