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Ethereum (ETH) Price Prediction for May 16

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Thu, 16/05/2024 - 15:09
Ethereum (ETH) Price Prediction for May 16
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A further market decline can be postponed, according to CoinMarketCap.

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Top coins by CoinMarketCap

ETH/USD

The price of Ethereum (ETH) has risen by 0.83% since yesterday.

Image by TradingView

Despite today's growth, the rate of ETH is looking bearish on the hourly chart. If the daily bar closes below the local support level of $2,973, bears may again seize the initiative, which can lead to a drop to the $2,900 zone.

Image by TradingView

Bulls could not keep the rise going after yesterday's bullish closure. If the situation does not change by the end of the day, there is a chance to see a test of the support of $2,852 until the end of the week.

Image by TradingView

From the midterm point of view, none of the sides is dominating as the price is far from the main levels. 

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However, if buyers lose the $2,900 zone, the accumulated energy might be enough for a breakout, followed by a move to the $2,600-$2,700 range.

Ethereum is trading at $2,957 at press time.

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