Today’s Ethereum price prediction is bullish as the market retraced to the $2,500 mark and started moving sideways overnight. Therefore, we expect ETH/USD to reverse to the upside and establish a higher local swing low, from which to push higher above the $3,000 mark.
The overall market trades in the red. Both Bitcoin and Ethereum have slight losses over the last 24 hours, with the rest of the altcoin market following. Monero (XMR) is an exception with a gain of almost 23 percent.
ETH/USD opened at $2,413 after a bearish close yesterday. Today ETH/USD moved sideways around the $2,500 support as bulls prepare for another attempt to move above the $3,000 resistance.
The ETH/USD price moved in a range of $2,336 – $2,619, indicating mild volatility. Trading volume has increased by 31.89 percent and totals $40.5 billion. Meanwhile, the total market cap trades around $285.7 billion, resulting in market dominance of 18.26 percent.
The overall market trades in a bearish price action structure since a new all-time high was set around $4,400 on the 12th of May. From there, a drop of over 50 percent was seen over the following weeks until support was found at $1,900.
Earlier this week, ETH/USD spiked lower again to the $1,725 support. Therefore, a slightly lower low was set, indicating that bears are losing momentum. Later in the week, the Ethereum price moved towards the $3,000 resistance, signaling that bulls are ready to set a new higher high next week. Once it is done, the Ethereum price should start rapidly building momentum to reach the previous all-time high of $4,400.
Currently, we can see that ETH/USD consolidates around the $2,500 mark, indicating that a base from which to move higher is built. However, if the further downside is seen later today, ETH/USD might still set a higher swing low at the $2,200 support.
Ethereum price prediction is bullish as the market has established support around the $2,500 mark overnight. From there, we expect ETH/USD to reverse and move higher later today.