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Ethereum (ETH) Price Analysis for May 21

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Sun, 21/05/2023 - 18:00
Ethereum (ETH) Price Analysis for May 21
Cover image via www.tradingview.com

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Buyers do not seem to be giving up so easily as the rates of coins are rising.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) has not gained as much as Bitcoin (BTC), going up by only 0.30%.

ETH/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) has made a false breakout of the local support at $1,814.6. If buyers can hold the price above that mark, there is a possibility to see a short rise to the resistance at $1,820.

ETH/USD chart by TradingView

Image by TradingView

On the bigger time frame, volatility has declined and the rate keeps trading in the narrow range.

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In this case, ongoing sideways trading in the area of $1,800-$1,850 is the more likely scenario for next week.

ETH/USD chart by TradingView

Image by TradingView

On the weekly chart, the rate of Ethereum (ETH) is also looking more bearish than bullish as the price has not bounced back far from the support at $1,737. If buyers want to be back in the game, they need to restore the rate above the important zone of $1,900.

Ethereum is trading at $1,818 at press time.

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