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Ethereum (ETH) Price Analysis for May 5

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Fri, 5/05/2023 - 14:50
Ethereum (ETH) Price Analysis for May 5
Cover image via www.tradingview.com

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The cryptocurrency market is neither bullish nor bearish on the last working day of the week.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is the biggest gainer today, risnig by almost 2%.

ETH/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) has broken the local resistance at $1,915. If buyers can hold the gained initiative, growth may continue to the $1,950-$2,000 zone tomorrow. In addition, the volume has increased, which is a bullish signal.

ETH/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of Ethereum (ETH) is in the middle of the channel; however, if today's candle closes with no long wicks, the upward move may continue to the zone around $1,960.

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Bitcoin (BTC) Price Analysis for May 4

Such a scneario is relevant until the end of the week.

ETH/USD chart by TradingView

Image by TradingView

On the bigger chart, one should pay attention to the important zone of $2,000. If the bar closes above it, the accumulated energy can be enough for further growth to the resistance at $2,130.

Ethereum is trading at $1,938 at press time.

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