Ethereum price prediction: Ethereum reaches $2,950, prepares to break $3,000

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Ethereum Price Prediction 2021-05-02

Today’s Ethereum price prediction is bullish as the market has moved higher overnight and set a new high at $2,950. Currently, a small retracement is seen as the market prepares to build a base from which to push higher. Therefore, we expect Ethereum to reach the $3,000 target over the next 24 hours.

Ethereum price prediction: Ethereum reaches $2,950, prepares to break $3,000 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin is down by 2 percent as it retraces some of the gains seen over the past days. Meanwhile, Ethereum continues slowly moving towards the $3,000 mark with a small gain of 1.35 percent. For the rest of the altcoins, mixed results are seen ranging from a 10 percent gain for Huobi Token (HT) and Maker (MKR) and a loss of almost 10 percent for DigiByte (DGB).

Ethereum price prediction: Ethereum reaches $2,950, prepares to break $3,000

ETH/USD opened at $2,948 after another strong bullish close yesterday, which took the market above the $2,800 mark. Over the past hours, ETH/USD started to retrace some of the previous gains as the market looks to establish a base from which to make a final push towards the long-awaited $3,000 target.

Ethereum price movement in the last 24 hours

ETH/USD price moved in a range of $2,812 – $2,955, indicating a good amount of volatility. Trading volume for the last 24 hours stands at $28.2 billion, which is down by 8 percent. The total market cap stands at $333 billion, resulting in market dominance of 15.21 percent. 

ETH/USD 4-hour chart – ETH currently in a small retracement before a final push to $3,000

On the 4-hour chart, we can see ETH/USD retracing over the last hours as it looks to establish a base from which to push higher towards the $3,000 mark. 

Ethereum price prediction: Ethereum reaches $2,950, prepares to break $3,000
ETH/USD 4-hour chart. Source: TradingView

The overall price action of Ethereum still indicates a very strong uptrend. After failing to move higher earlier this month, ETH/USD retested support around $2,000-$2,200 several times until a higher low was set on the 25th of April. 

From the higher low around $2,200, Ethereum started rallying until the previous all-time high at $2,646 was broken. Over the following days, the Ethereum price action slowed down, while continuing to reach new all-time highs. At the end of April, the $2,800 mark served as a strong resistance, resulting in a slight consolidation. However, early on the 1st of March, ETH/USD spiked above the resistance and continued higher.

Over the following 24 hours, Ethereum moved higher until the $2,950 mark. From there, ETH/USD started to retrace as it prepares for another push higher. Likely the $2,800 previous resistance will now be retested as a support, from which to make a final push to the $3,000 major price target as mentioned in our previous Ethereum price prediction.

Once the $3,000 target is reached, we expect a much larger several-day retracement as the current bullish wave to the upside has likely lost most of its momentum after a total gain of around 40 percent. 

Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bullish as the market continues moving higher over the past days. After peaking around $2,950 overnight, ETH currently retraces some of the gain, which should result in a final push towards the $3,000 mark over the next 24 hours.

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