- ETH found support at $1,600.
- Resistance around $1,750.
- Bullish pin bar indicates strength.
Ethereum price prediction today is bullish as the market retraced earlier and tested support around $1,600 with a bullish pin bar.
The overall market is in the red. Leaders – Bitcoin and Ethereum continue trading with a small loss despite previous gains. Cardano (ADA) continues to lead the market with almost a 25 percent gain. Further upside could be seen later today.
As mentioned in yesterday`s Ethereum price prediction, ETH/USD is likely ready to move higher. First, Ethereum needed to build another base from which to push higher as it was heavily rejected from the $1,750 resistance.
Right now, Ethereum has retraced towards $1,600 support and established a clear bullish signal in the form of a 4-hour pin bar. This could indicate that Ethereum is ready to move higher later today or early next week.
Ethereum price movement in the last 24 hours
Ethereum has traded in a range of $1,596 – $1,712 with a volume of $36.7 billion. The volume is down by a bit more than 20 percent, indicating that there is a lack of interest around current price levels. Lack of volume on the way down could mean Ethereum is ready to reverse and move towards new all-time highs.
ETH/USD 4-hour chart – Bullish pin-bar indicates reversal
Looking at the 4-hour chart for ETH/USD, we can see Ethereum currently rejecting further downside as a 4-hour bullish pin bar has been formed. Ethereum already did move above the high of pin bar, further indicating that ETH is ready to move higher.
Overall, Ethereum has had a very bullish past week. After ETH broke out of a several-week consolidation in an ascending triangle pattern, it pushed all-the-way towards $1,700. Later on, a small retracement led Ethereum to test the $1,550-$1,600 area, from which it later made another small move higher and breached $1,750. From there on, Ethereum retraced lower and tested the $1,600 mark.
Current rejection for further upside could lead Ethereum price towards a new all-time high next week. Ethereum likely will continue trading around the current levels today as it prepares for a further move to the upside. From there on, the next major level for Ethereum to reach is $1,800. It has not been tested before; however, it is a psychologically important semi-round number.
Alternatively, if Ethereum cannot hold above the $1,600 support, we could see a much larger retracement. The next major support is located at $1,450 as it previously served as a very strong resistance from the previously mentioned several week ascending triangle pattern.
Additional support around this area could be provided by the 100 period moving average blue line as it did reverse Ethereum several times in January. The last time Ethereum price reached the moving average at the beginning of February, it reversed and moved by over 35 percent. Therefore, Ethereum could see similar respect of support if ETH tests it again.
Ethereum Price Prediction: Conclusion
Overall, Ethereum price prediction is bullish as the market will continue moving higher and test the $1,750 previous high again. However, if Ethereum moves below the $1,600 support, we could see a much larger retracement towards the next support around $1,450.
As long as Ethereum can hold current support, the analyst expects further highs set towards $1,800. From there on ETH/USD will likely continue towards the psychologically important $2000 price mark.
For further reading, see our long-term Bitcoin price forecast or see news on Ethereum hitting 1 billion transactions.
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.