Ethereum price prediction: Ethereum retests $3,600, prepares to move lower?

By May 16, 2021Polkadot
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Ethereum Price Prediction 2021-05-16
Ethereum price prediction: Ethereum retests $3,600, prepares to move lower? 1

TL;DR Breakdown

  • ETH finds support at $3,600 overnight.
  • Resistance was found at $3,775.
  • Next support at $3,400.

Today’s Ethereum price prediction is bearish as the market starts to move lower once again after briefly moving above the $3,800 mark.

The overall market trades with mixed results as Bitcoin trades around $49,000 with a 0.5 percent loss. Ethereum has seen an even worse performance with a loss of 3.62 percent. Ripple is among the best performers with a gain of almost 13 percent. Polkadot is among the worst, with a loss of almost 6 percent.

ETH/USD opened at $3,648 after a strong bearish close yesterday after a retest of the $4,200 resistance. Support was found around $3,600 overnight, from which a slight rally back above the $3,800 mark was seen. Over the past hours, Ethereum moved lower again, indicating that we will see further downside over the next 24 hours.

Ethereum price movement in the last 24 hours

The ETH/USD price moved in a range of $3,631 – $3,933, indicating a moderate amount of volatility. Trading volume has decreased by 13 percent over the last 24 hours and stands at $38.8 billion. Meanwhile, the total market cap trades around $438 billion, resulting in market dominance of 19.18 percent.

ETH/USD 4-hour chart – ETH briefly returns above $3,800, prepares to push lower again

On the 4-hour chart, we can see ETH/USD starting to move lower over the past hours, indicating that further downside is expected later today.

The overall Ethereum price action momentum starts to increasingly become more bearish. After rallying more than 100 percent from the previous major swing low of $2,100 over the past weeks, ETH/USD established a new all-time high at the $4,400 mark.

From there, Ethereum price retraced by more than 15 percent and established support at the $3,600 mark on the 13th of May. After some consolidation and another spike lower, Ethereum attempted to break above the $4,200 resistance unsuccessfully. This resulted in another bearish move overnight, with the $3,600 retested for the third time.

Over the past hours, Ethereum moved back above the $3,800 mark. However, the further upside was not seen for long, and the market retraced below $3,800 shortly after. Currently, ETH/USD is pushed back towards the $3,600 support, which will likely be finally broken. Therefore, we expect Ethereum to reach the next major support target at $3,400 over the next 24 hours.

Ethereum Price Prediction: Conclusion

Ethereum price prediction is bearish as the market failed to move higher over the past hours and has returned below the $3,800 resistance. Therefore, we expect ETH/USD to continue moving lower over the next 24 hours, with the next target seen at the $3,400 mark.

While waiting for further Ethereum price action development, read our guides on other great altcoins – Monero, Ethereum Classic. To learn more about Ethereum, see our article on Ethereum mining software in 2021.

Disclaimer. The information provided is not trading advice. 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.

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