- ETH breaks through the $2,550 mark and continues to move higher.
- The next price target of $2,600 has already been reached.
- The next major support is at $2400.
Today’s price outlook for Ethereum is bullish as the market continues to rise after setting a new higher high above the $2,550 mark. The $2,600 target has already been reached, which means we could see the market move towards $2,700 later today.
Crypto currency heatmap. Source : coin360
The global cryptocurrency market is still trading with mixed results. The market leader is still trading around $55,000, down 1.7%. Meanwhile, Ethereum has continued to gain ground in recent hours, rising nearly 8%. Litecoin and Chainlink have also done well so far today, both up nearly 5%.
ETH/USD opened at $2,357 after attempting to move both up and down with divergences and closed yesterday with a small gain. After forming an upper low above support at $2,300 overnight, Ethereum quickly gained momentum until it explicitly broke through resistance at $2,550. Ethereum price action currently continues to rise and we expect the next price target of $2,700 to be reached by the end of the day.
Ethereum price movement in the last 24 hours
The ETH/USD exchange rate fluctuated between $2.321 and $2.631, indicating good volatility. Trading volume rose 16.89% in the past 24 hours to $47.6 billion. Meanwhile, the total market capitalization is $304.8 billion, representing a market dominance of 14.76%.
ETH/USD 4-hour chart – The ETH resumed its upward movement today.
On the 4-hour chart, we can see that Ethereum continues to slide higher after breaking its previous all-time high at $2,550.
4 hour ETH/USD chart. Source: TradingView
Overall, Ethereum has maintained a weekly uptrend in recent days. After a clear support around $2,040 and testing it twice, the market started moving higher on Tuesday.
Two upper and lower peaks were identified. The first high is at $2,350 and the second high is at $2,475. Overnight, the price of Ethereum recovered and set a higher bottom just above the $2,300 mark. From there, the market continued its upward trend without significant decline, gaining nearly 14%.
There are currently no clear signs of a weakening trend. As a result, Ethereum is expected to hit its next price target of $2,700 today. Once this target is reached, the market could begin a new correction. The first clear support level is at $2550, which was first record resistance and will now serve as support. If the $2550 fails, ETH/USD will likely migrate to the next support area around $2400-$2450.
Therefore, we remain bullish on Ethereum in the short to medium term, as the bullish momentum of recent weeks has resumed with even stronger bullish price momentum than before.
Ethereum Price Forecast: Supplement
The price outlook for Ethereum is bullish as the market continues to move higher towards the next price target of $2,700. If we see a sharp rejection, we will see another correction that sets a higher bottom, with the obvious first support being the previous resistance from the record high at $2,550.
While waiting for further developments in Ethereum price action, be sure to check out our free Ethereum and Ethereum gas price guide. To learn more about the future of Ethereum, read our long-term Ethereum price forecast.
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