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Ethereum (ETH) Price Analysis for May 10

Wed, 05/10/2023 - 17:30
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Denys Serhiichuk
Has Ethereum (ETH) found reversal zone yet?
Ethereum (ETH) Price Analysis for May 10
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After a few days of dropping, the cryptocurrency market has faced a slight bounce back, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap


The rate of Ethereum (ETH) has risen by 1.88% over the last 24 hours.

ETH/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Ethereum (ETH) has broken the local resistance at $1,859. If bulls can hold the rate above that mark until the end of the day, growth may continue to the $1,900 zone tomorrow.

ETH/USD chart by TradingView

Image by TradingView

Meanwhile, on the daily time frame, the situation remains unclear as the price is located far from key levels. Thus, the falling volume confirms the absence of buyers' power. In this case, ongoing sideways trading in the area of $1,800-$1,900 is the more likely scenario for the next few days.

ETH/BTC chart by TradingView

Image by TradingView

A similar situation can be seen on the daily time frame against Bitcoin (BTC). The rate is located in the middle of a wide channel, which means that none of the sides is ready to seize the initiative. Respectively, traders are likely to see consolidation in the range of 0.065-0.069 shortly.

Ethereum is trading at $1,872 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at