Ethereum price prediction: Ethereum spikes to $3,200 overnight, further downside this week? 

TL;DR Breakdown

• ETH finds support at $3,200.
• Ethereum retests $3,600.
• Next support at $3,000.

Today’s Ethereum price prediction is bearish as the market retests $3,600 resistance after spiking to $3,200 overnight. Therefore, we expect another move lower over the next 24 hours, with the next support around $3,000.

The overall market trades in the red today as the market saw a sharp move lower overnight. Bitcoin trades around the $45,000 mark, with a loss of 7.2 percent. Similar performance is seen for other major altcoins like Ethereum and Cardano is down by 6.5 and 10 percent respectively.

ETH/USD opened at $3,584 today after a bearish close yesterday. Overnight ETH/USD spiked to $3,200, where bulls picked up further selling pressure and pushed the market to $3,600 resistance.

Ethereum price movement in the last 24 hours

The ETH/USD price moved in a range of $$3,154 – $3,856, indicating substantial volatility over the last 24 hours. Trading volume has increased by 42.8 percent and total $60 billion. Meanwhile, the total market cap stands at $410 billion, resulting in market dominance of 19.31 percent.

ETH/USD 4-hour chart – ETH prepares to move lower after retesting $3,600

On the 4-hour chart, we can see Ethereum trading below $3,600 over the past hours as bears likely prepare to push the market lower over the next 24 hours.

The overall market price action structure continues turning bearish. After Ethereum rallied more than 100 percent from the $2,100 low, set in the middle of April, a new all-time high was set at $4,400. 

From there, Ethereum initially retraced almost 20 percent to $3,600 support, indicating that the several-week bullish momentum is exhausted. Over the following days, ETH/USD retraced to the $4,200 mark and set a clear lower high, indicating that the market price structure is reversing. 

On the 14th of May, Ethereum price started moving lower once again, with the $3,600 support initially holding. However, after a small move higher, another bearish impulse lower was seen overnight. The next support of $3,400 was quickly reached and broken over the following hours. 

This has led ETH/USD to the current low of $3,200, where further downside was quickly rejected, and the market got pushed to retest $3,600 previous major support as a resistance. 

Therefore, unless the $3,600 resistance breaks, we expect Ethereum to move lower over the next 24 hours and try to reach the next support target at $3,000.

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bearish as the market set a clear lower low overnight at the $3,200 mark and currently retests $3,600 resistance. Therefore, if further upside si not seen, we expect ETH/USD to move lower over th4e next 24 hours.

While waiting for further Ethereum price action development, read our latest guides on Ethereum mining pools and software. Additionally, see our Ethereum Classic price prediction for the upcoming years.

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.

Source: https://www.cryptopolitan.com/ethereum-price-prediction-2021-05-17/