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Ethereum (ETH) Price Analysis for May 24

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Wed, 24/05/2023 - 17:34
Ethereum (ETH) Price Analysis for May 24
Cover image via www.tradingview.com

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Buyers are losing the initiative as coins are again back in the red zone.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has fallen by 3.82% over the last 24 hours.

ETH/USD chart by TradingView

Image by TradingView

Despite today's fall, there are no reversal signals yet as the price is trading below the local support at $1,787.7. If the daily closure happens below that mark, there is a high possibility of seeing an ongoing correction to the $1,760-$1,770 area tomorrow.

ETH/USD chart by TradingView

Image by TradingView

Bulls could not keep the rise going after yesterday's bullish closure. In addition, the selling volume is rising, which means that bears are again more powerful than bulls. If the situation does not change, traders are likely to expect a test of the nearest support level at $1,734 shortly.

ETH/USD chart by TradingView

Image by TradingView

From the midterm point of view, traders should pay attention to the previous candle low at $1,772. If the bar closure happens below that mark, the accumulated energy might be enough for a more profound drop.

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DOGE Price Analysis for May 23

In this regard, one can expect a test of the $1,600-$1,700 area until mid-June.

Ethereum is trading at $1,785 at press time.

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